On July 5, Luna Company purchased on account a shipment of sheet steel from Northwest Steel, Co. The invoice price was $270,000 F.O.B. shipping point. Shipping cost from the steel mill to Luna's plant was $9,000, which was paid directly to the shipping company. When inspecting the shipment, the Luna receiving clerk found several flaws in the steel. The clerk informed Northwest's sales representative of the flaws, and after some negotiation, Northwest granted an allowance of $22,000. To encourage prompt payment, Northwest grants a 7% cash discount to customers who pay their accounts within 30 days of billing. Luna paid the proper amount on August 1. Requirements 1. Compute the total cost of the sheet steel acquired. 2. Prepare the journal entries for the transaction assuming a periodic inventory system. Omit explanations. Requirement 1. Compute the total cost of the sheet steel acquired. (Leave unused cells blank.) Total cost of steel acquired Requirement 2. Prepare the journal entries for the transaction assuming a periodic inventory system. (Record debits first, then credits. Explanations are not required.) Begin by preparing the journal entry for the purchase of the sheet steel. The invoice price was $270,000, F.O.B. shipping point. Date Accounts Debit Credit Jul. 5 Choose from any list or enter any number in the input fields and then continue to the next