PART 4: PURCHASE AND SALES TRANSACTIONS 20 POINTS Journalize the following transactions for Park Gift Shop. Mar. 5: Purchased $4,400 of merchandise inventory on account, 3/10, n/EOM and FOB shipping point. Mar. 9: Returned $700 of defective merchandise purchased on March 5. Mar. 11: Paid the freight bill of $250 on the March 5 purchase. Mar. 12: Sold merchandise inventory on account for $5,200., 2/15, n/30. These goods cost the company $3,700 Mar. 14: Paid amount owed on credit purchase of March 5, less the return and the discount. Mar. 30: Received cash from the March 12 customer in full settlement of the debt. General Journal Post ref Date Description DR CR + Open Space Fumiture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Open Space purchased and sold merchandise on account as follows: June 7 Purchase 14 Sale 18 Purchase 27 Sale 125 sofas @ $750 each 30 sofas @ 1,150 each 50 sofas @ $775 each 35 sofas @ $1,200 each Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory & gross profit. Purchases Cost of Goods Sold | Inventory on Hand Quant Unit Total Quant Unit Total Quant Unit Total Cost Cost Cost Cost Cost Cost Date