Kimi Corp. reported the following transactions with regard to merchandise inventory during the second quarter of 20x1, April 1 to June 30. - Shipped $5,000 of its merchandise to Lexi Inc. Lexi has agreed to sell this inventory on the behalf of Kimi Corp. - Kimi purchased 108,000 units priced at $23 per unit under invoice terms 2/15,n/40. The goods were shipped F.O,B destination and arrived at Kimi'socks on April 15. Kimi did not pay in the discount window and returned 750 units on June 19. - Kimi purchased 89,100 units priced at $27 per unit under terms 2/15,n/30. The goods were shipped on June 20, F.O.B destination, and were still in transit on June 30. Kimi paid in the discount window on July 3 when the merchandise arrived. - Kimi purchased 40,500 units priced at $25 per unit under terms 3/10, n/30. The goods were shipped F.O.B shipping and were still in transit on June 30 . Shipping fees of $1.50 per unit were assessed as Kimi's responsibility. Kimi paid within the discount window. 1. Provide journal entries (where necessary) assuming Kimi uses the gross method for discount accounting and a periodic system for recording inventory transactions. 2. Provide any changes that would occur if a perpetual system of inventory was used. 3. Assume the company began with $731,000 of beginning inventory and determined, by physical count, that it had $553,025 of inventory at the end of the month. Provide the entry to record cost of goods sold assuming a periodic system is used