Kecording Sales Transactions Jeet Company and Rence Company use the perpetual inventory system. The following transactions occurred during the month of Art On April 1. Jest Company purchased merchandise on account from Race Company with credit terms of 9/10.10. The sing price of the merchandise wat $5.250, the cost of the merchandise sold WAS $2.450 . On April 1, Jeet paid freight charges of $200 can to have the good delivered to its warehouse On April 5Jeet returned $1,000 of the merchandise which had originally cost Reece $700 d. On April 10, Jeet paid lecce the balance de Required Prepare the journal entries to record these transactions on the books of Beece Company for a compound transaction. If the boxes in which no entry is required, leave the blank April Inventory Accounts Payable Recorded sale on account) April (recorded cost of goods) Ant (Recorded return of goods) LIB 1 1 1 April Recorded cost of goods returned) CH April 10 Account Payable Inventory (Received customer payment within discount period) Brief Exercise 6-33 (Algorithmic) Lower of Cost and Net Realizable Value Garcia Company's inventory at the end of the year was recorded in its accounting records at 56,300. Due to technological changes in the market, Gare determined that the strearable value of the Inventory was $53,305 Required: 1. Using the lower of cost and netrable value, what amount should Garca report or Inventory on its statement anal poolen at the end of the year 2. Prepare the journal entry required to value the inventory at the time of cost and at realisatie value Dec 31 (Reduced Inventory to tractable value)