Journal Entries for Merchandise Transactions on Seller's and Buyer's Records$-$Periodic System

The following are selected transactions for Fenton, Inc., during the month of January:

$\backslash$table$[[$Jan$.18,$Sold and shipped on account to Lawrence Stores merchandise for $$1,500$ with terms of $\frac{2}{10},\frac{n}{30}.],[$Jan$.25,$Lawrence Stores was granted a $$200$ allowance on goods shipped January $18.],[$Jan$.27,$Received from Lawrence Stores a check for full settlement of the January $18$ transaction.$]]$

Required

Prepare journal entries for $($a$)$ Fenton, Inc., and $($b$)$ Lawrence Stores. Both companies use the periodic inventory system.

Sellers journal entries

Buyer's journal entries

Inventory Costing Methods$-$Perpetual Method

The Lippert Company uses the perpetual inventory system. The following July data are for an item in Lippert's inventory:

$\backslash$table$[[$July$,1,$Beginning inventory,$30,$units @$,$$$8,$per unit$],[,10,$Purchased,$50,$units @$,$$$9,$per unit$],[,15,$Sold,$60,$units @$,,],[,26,$Purchased,$25,$units @$,$$$10,$per unit$]]$

Calculate the cost of goods sold for the July $15$ sale using $($a$)$ first$-$in$,$ first$-$out, $($b$)$ last$-$in$,$ first$-$out, and $($c$)$ the weighted$-$average cost methods. Round your final answers to the nearest dollar.

$\backslash$table$[[$A$.,$First$-$in$,$ First$-$out:,$],[$Cost of Goods Sold:,$$