Exercise 4-5 (Algo) Determining inventory ownership and costs in transit LO P1 For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible fo transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used Complete this question by entering your answers in the tabs below. Determine whether or not Scaly owns the goods during transit. Exercise 4-5 (Algo) Determining inventory ownership and costs in transit LO P1 Cor each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) if Sealy is responsible for ransportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual ifventory system is used. Complete this question by entering your answers in the tabs below. If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used. (If no entry is required for a transaction/event, select "No foumal entry required" in the first account field.) Journal entry worksheet Purchased goods FOB shipping point. Transportation costs are $660. Notei Enter deairs before credits