July 31 3. Net Method and Perpetual Inventory (15 points) Prepare journals entries for the following assuming that YouDoThat Inc. uses a perpetual inventory method and records purchases at their net amounts. You DoThat company has $40,000 as it ending inventory this amount is reported at net of cost. (hints; no journal entry is necessary) August 1 Purchased merchandise from Cryout Company for $240,000 with the terms of 4/10, 1/30. August 3 Returned $40,000 of the merchandise to the Cryout Company. August 6 Paid the amount owed to the Cryout Company. August 10 Sold all of the merchandise on hand Inclusive of the beginning Inventory for $680,000 of which $240,000 was in cash and 5440.000 was on credit. August 13 Purchased merchandise from the Bodoya Company for $120.000 with the terms of 5/10, n/30. Retumed $40,000 of the merchandise purchased from the Bodoya pany. August 28 Paid the amount owed to Bodoya Company in full August 15 Compute Cost of Good Sold 6 points) Thatisit Inc. Accounting records were as follows: Ending Inventory at August 31, 2021 was $300,000 A. Purchases made during the month of September amounted to $650,000 B. The company Sales reported for September was $ 950,000 C. The company gross profit margin for the month of September was 45% Requirement: Compute the Cost of Goods Sold and the Ending Inventory for the month of September 2020