Prepare journal entries to record the following merchandising transactions of IKEA, which uses the r etual inventory system and gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on May 2 in Accounts Payable-Havel.) Purchased merchandise from Havel Co. for $10,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated May 2. DR-merchandise mentory - 10,000 CR- Account Payable - 10,000 Sold merchandise to Rath Co. for $11,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated May 4. The merchandise had cost $5,600. De - Account Reenable-Hecuther - 11,000 CR- Sales - 11,000 - suoo merovandise inventory - 5500 COGS 5 9 Paid $250 cash for freight charges on the purchase of May 2. DR-merchandiseinuanopy - 250 (R- cash - 250 Sold merchandise that had cost $2,000 for $2,500 cash. DR Cash - 2500 COGS - 2000 ce-sales - 2500 mevchandise inv-2000. Purchased merchandise from Duke Co. for $3,650 under credit terms of 2/15. n/60, FOB destination, invoice dated May 10. DR- Merchandise men - 5 CR- Account Payable-DUKE 3650 Received a $650 credit memorandum from Duke Co. for the return of a portion of the merchandise purchased on May 10. DE-Alp-Duke - 450 CR- Merchandise - 650 Received the balance due from Rath Co. for the invoice dated May 4, net of the discount. D2 Paid the balance due to Havel Co. within the discount period. Sold merchandise that cost $1,450 to Tamer Co. for $2,800 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated May 20. Issued a $300 credite 300 credit memorandum to Tamer Co. for an allowance on goods sold on May 20 Paid Duke Co. the balance due, net of the discount Received the balance due from Tamerce for the invoice dated May 20, net of discount and allowance. Sold merchandise that cost $3,600 to Rath Co. for $7,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated May 31. In addition to recording the JE's as noted above compute the following: Compute Net Sales Compute Gross Profit Compute Gross Profit Margin