Journal entries for the given transactions:

**Recording Purchases of Merchandise:**

1. **Purchase of Inventory on Account from Joe Co.:**

```

Inventory $51,000

Accounts Payable $51,000

```

2. **Return of Inventory to Joe Co.:**

```

Accounts Payable $11,000

Inventory $11,000

```

3. **Payment to Joe Co. (Taking Discount):**

```

Accounts Payable $40,590 [($51,000 - $11,000) - ($51,000 * 2%)]

Cash $40,590

```

**Recording Sales of Merchandise:**

4. **Sale of Merchandise on Account to Ryan Corp.:**

```

Accounts Receivable $15,000

Sales $15,000

Cost of Goods Sold $7,500

Inventory $7,500

```

5. **Return of Merchandise from Ryan Corp.:**

```

Inventory $1,250

Cost of Goods Sold $1,250

Accounts Receivable $2,500

```

6. **Payment from Ryan Corp. within 10 days:**

```

Cash $12,750 [($15,000 - $2,500) - ($15,000 * 3%)]

Accounts Receivable $12,750

Part 2: During 2023, Banana Inc. sold 42,000 units of its product. The following units were on hand or nurchased durina the vear Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions. 7. If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: 8. If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: 9. If the company used the average cost method, what is the value of ending inventory and cost of goods sold? If necessary, please round your calculated average cost per unit to 4 decimals (example - \$18.7910) Average Cost per unit = Ending Inventory: Cost of Goods Sold