Lorenson Corporation presents you with their inventory transaction for November 2020 to record in their data. Opening inventory was $132,150.
01-Nov	Purchased 22,500 units of inventory on account for $236,300
05-Nov	Freight charged by the supplier (also on account) for the above transaction was $26,950
09-Nov	Some of the goods in the above order were damaged. They were able to negotiate a purchase allowance of $15,900 to be applied to their account.
12-Nov	They returned $31,200 of goods to the supplier for credit on their account.
15-Nov	A purchase discount was received on the order of $16,540
15-Nov	Payment of $199,610 is made on the above account.
30-Nov	Sales to customers on account for the month totaled $516,030
30-Nov	Cost of goods sold on the sales for the month was $206,400
30-Nov	At the end of the month an inventory count is performed and they find there is $90,300 of inventory left on hand.
Requirements
1	Prepare the entries required under the periodic system. Journal entry descriptions are NOT required. If no entry is needed state this and why.