P 8-1 Various inventory transactions; journal entries (9) LO8-1 through (\$) LO8-3 Autumn Company began the month of October with inventory of $15,000. The following inventory transactions oceurred during the month: a. The company purchased inventory on account for $22,000 on October 12. Terms of the purchase were 2/10, n/ 10 . Awtumn uses the net method to record purchases. The inventory was shipped fob shipping point and fireight charges of $500 were paid in cash. b. On October 31. Autumn paid for the inventory purchased on October 12 c. During October inventory costing $18,000 was sold on account for $28,000 d. It was determined that inventory on hand at the end of October cost $19.060 Required: 1. Assuming Autumn Company usec a perpetual inventory system, prepare journal entries for the above transactions 2. Assuming Autumn Company usec a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold Autumn considers purchase discoumts lost as part of imterest expense