Newcomb Discount Warehouse Corporation purchased $80000 of merchandise, terms 2/10,n/30, from Videotex Corporation on September 14. Given the entries in Newcomb's records to record the purchase and payment under each of the following situations. a. Purchases are recorded at the gross amount, and payment is made on September 24. b. Purchases are recorded at the gross amount, and payment is made on October 14. c. Purchases are recorded at the net amount, and payment is made on September 24. d. Purchases are recorded at the net amount, and payment is made on October 14. Problem 4 The following table summarizes the beginning inventory, purchases, and sales of PSI Company's single product during January Date Transaction Units Cost Total Jan. 1 Beginning bal. 1400 $19 26600 Jan. 4 Sale 300 Jan. 8 Purchase 600 Jan. 10 Sale 1300 Jan. 12 Purchase 900 $21 Jan. 15 Sale 150 Jan. 18 Purchase 500 $22 Jan. 24 Purchase 800 $23 Jan. 31 Sale 1300 Total $20 1. Assuming that the company uses the periodic inventory system, compute the cost that should be assigned to ending inventory using (a) FIFO basis and, (b) a LIFO basis 2. Assuming that the company uses the perpetual inventory system, compute the cost that should be assigned to ending inventory using (a) a FIFO basis and (b) a LIFO basis