Problem 1 : Kenay Clothes sells sportwear. At March 31, 2020 the company's inventory was 32,000 EUR. During first Quarter of 2020, Kenay Clothes made only 1 purchase and 1 sale. The transactions were as follows. February 06 Sold 1 batch of T-shirt for 12,000 EUR cash., the original cost for these T-shirts to the company was 5,000 EUR. March 10 Purchased 2 batch of sweatshirts from Nikira, The total cost of this purchased amounted to 4.000 EUR , credit terms 2/10, n/30 ( Kenay Clothes should book the purchase of merchandise at a net cost) Instructions Assume that Kenay Clothes uses a perpetual inventory system. 1. Prepare journal entries to record these transactions a. Sales transaction (20 points) b. Purchased transaction (20 points)Problem 2 : Survival company During the current year, Merilove Computers purchased 18 laptops rom different suppliers at the following dates and acquisition costs units Date unit cost total cost purchased 01 -MARCH -2020 N 1.200 2.400 05 -MAY -2020 1.250 3.750 25 -JULY -2020 1.800 10.800 . WOW 18 -SEPTEMBER -2020 2.000 6.000 20-NOVEMBER -2020 2.100 8.400 18 31.350 On Dec 21, Merilove Computers sold 8 of these laptops to Pear Mear .at a price of 3,500 EUR each, the other ones remained in Merilove Computers Inventory at Dec 31. Instructions Assume that Studio Worlds uses a perpetual inventory system. 1- Process the Sales journals (15 points) Using each of the following flow assumptions, a. Average cost b. First-in, First-out (FIFO) c. Last-in, First-out (LIFO) 2- Calculate the ending inventory of these laptops at Dec 31. (30 points ) Using each of the following flow assumptions, a. Average cost (10 points) b. First-in, First-out (FIFO) (10 points) c. Last-in, First-out (LIFO) (10 points)Problem 3 In April 23, 2018 , Whistle returns 7.000 EUR worth of merchandise to Mecredy Company because the wrong merchandise was received. This merchandise cost Mecredy Company 4.000 EUR Instructions Please prepare the necessary journals to reflect those transactions in Mercredy books as of April 23, 2018 (15 points)