On 10 April, Garnier Packing Supplies purchased merchandise inventory worth RM156,000 on account. The credit terms was 3/10, n/30. On 12 April, Garnier returned RM11,000 of the merchandise due to damage during shipment. On 19 April, Garnier paid the amount due. O RM151,320 O RM145,000 O RM104,650 O RM140,650 The journal entry for the credit purchase of inventory under the perpetual inventory system is..... O Dt Merchandise Inventory XXX and Ct Accounts Receivable XXX O Dt Merchandise Inventory XXX and Ct Cash XXX O Dt Purchase XXX and Ct Accounts Payable XXX O Dt Merchandise Inventory XXX and Ct Accounts Payable XXXX You are given the following information: Purchase : RM281,750, Purchase Discount: RM4,410, Freight in: RM14,700, Purchase Return: RM61,250, Sales: Revenue: RM297,500, Sales Return: RM16,800, Beginning Inventory: RM 0, Ending Inventory: RM31,290. Required: Calculate the Gross Profit. O RM82,100 O RM81,200 O RM98,000 O RM89,120 The following statements explain about the periodic inventory system EXCEPT.... O Better control over large amount of inventory O Requires a physical count of inventory O Normally used for unique goods O Difficult for big size of merchandising business. You are given the following information: Purchase : RM281,750, Purchase Discount: RM4,410, Freight in: RM14,700, Purchase Return: RM61,250, Beginning Inventory: RM 12,520, Cost of Goods Sold: RM200,000