Please prepare journal entries for question 3. Answer question 4.

3) Inventory was purchased on account for $200,000 Inventory costing $45,000 was sold for $65,000 Prepare journal entries for the above transactions 4) Jones Company was formed on December 1, 2021. The following information is available from Jones' inventory record for Product X.: Units Unit Cost January 1, 2021 (Beginning Inventory) $18.00 Purchases: $20.00 January 5, 2021 January 25, 2021 February 16, 2021 $21.00 $22.00 March 15, 2021 1,800 $23.00 7,100 units were sold. Prepare schedules to compute the ending inventory at March 31, 2021 under each of the following inventory methods: FIFO LIFO Weighted Average 1,500 2,500 2,400 1,000