EXERCICE 1: On September 1, Snow Supply had an inventory of 15 backpacks at a cost of $25 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred.(assuming a perpetual inventory system) Sept. 4 Prchased 50 backpacks at $25 each from Jenks, terms 2/10, n/30 Sept. Received credit of $150 for the return of 6 6 backpacks purchased on Sept. 4 that were defective. Sept. 9 Sold 30 backpacks for S35 each to Sept. 13 Sold 15 backpacks for $35 each to Sept. 14 Paid Jenks in full, less discount. Instructions McGill Books, terms 2/10, n/30. Calvin Office Supply, terms n/30 1 Journalize the September transactions for Snow Supply 2 Compute the costof goods sold (assumingbeginning inventory -S2100 & ending inventory S1500)