Panasonic Inc is an office supply store selling computers. The company uses a perpetual inventory system. a.) Record the following transactions in the company's general journal, include the written explanations accompany the entries. June 1 Purchased 40 units of computers on account from Good Corp. with invoice price of $4,000 each, terms of 3/15, n/30. 3 Return 3 faulty unit of computer to Good Corporation. 12 Sold 7 units of computers to Adventure. The sales price was $8,000, terms 2/10, n 30. 14 Good Corporation received full payment from Panasonic Inc. 19 Adventure paid a check in full settlement. b.) Explain the effect on operating income and ending inventory values if a firm uses LIFO instead of FIFO in times of rising prices