Prepare the seller's entries for the following transactions and then calculate the gross profit and gross profit percentage: On January 1, 2019 a company sells inventory items for $50,000; the cost of that inventory was $32,000, on account with terms 5/10 n/45. Historically, the company has experienced returns and allowances of 1.5% on credit sales. On January 8, 2019, the company receives the cash due for the sale. MAKE SURE TO PREPARE ALL NECESSARY ENTRIES AND CALCULATE THE GROSS PROFIT AND GROSS PROFIT %. Calculate the cost of goods sold (COGS) and ending inventory using FIFO, LIFO and Weighted Average (PLEASE NOTE, YOU MUST COMPLETE THIS PROBLEM USING ALL 3 METHODS) given the following information: January 1, purchased 100 units of inventory for $25 per unit January 3, purchased 250 units of inventory for $27 per unit January 10, sold 115 units of inventory for $45 per unit January 15, purchased 75 units of inventory for $32 per unit January 17, sold 215 units of inventory for $52 per unit January 20, purchased 250 units of inventory for $35 per unit January 25, sold 110 units of inventory for $60 per unit MAKE SURE TO CALCULATE COGS AND ENDING INVENTORY USING FIFO, LIFO AND WEIGHTED AVERAGE. ALSO, MAKE SURE TO SEPARATE EACH METHOD AND IDENTIFY THE METHOD USED