Problem 1: (15 Points) Turner Company uses a perpetual inventory system. uly 3 Sold $15,400 of merchandise on account to (Smith LLC), credit terms are 2/10, n/30. Cost of goods is $9,300 Received a $750 sales return from the customer (Smith LLC). Cost of the goods is $435 Tuner Company receives payment for the customer (Smith LLC) for the amount uly 7 uly 12 ue from the July 3 sale. Journalize the (3) transactions for the Seller (Turner Company) and the (3) transactions for the buyer (Smith LLC). Problem 2: (10 Points) Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. $540,000 ginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In 180,000 60 16,000 17,000 160,000 Merchandise Inventory