Matlock Companys beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each on account, (2) returned 6 units, and (3) sold 125 units at $50 each to a customer. Matlock uses FIFO to account for its inventory. All purchase and sale credit terms are n/30

Journalize the months transactions assuming the use of a periodic inventory system. Skip the month-end closing entry to record COGS and update inventory.