Homework 2 Student Name: Tina Fey's Comedic Gold uses a perpetual inventory system. The following are three recent merchandising transactions.. Purchased eight microphones from Pohler Industries on account. Invoice price, $275 per unit, for a total of $2,200. The terms of purchase were 2/10, n/30. Mar.6 Mar. 11 Sold two of these microphones for $500 cash. Mar. 16 Paid the account payable to Pohler Industries within the discount period. 1. Prepare journal entries to record these transactions assuming that Tina records purchases of merchandise at A. Gross invoice price B. Net cost 2. Assume that Tina's did not pay Pohler Industries within the discount period but instead paid the full invoice price on April 6. Prepare journal entries to record this payment assuming that the original liability had been recorded at A. Gross invoice price B. Net cost 3. Assume that you are evaluating the efficiency of Tina's bill-paying procedures. Which accounting method-net cost or gross invoice price-provides you with the most useful information? Explain. Account Title Debit Credit