Problem 1 Record the following transactions in T accounts for both George's Pop Shop (Buyer) and Puig Soda Supplies (Seller) Show all calculations Date Ref Transaction 7/3/2017 a 7/6/2017 b 7/10/2017 C Bought/Sold 2500 cases of soda @ 9.50 each. FOB Shipping Point. Cost 5.20 each. Terms 2/10, N30, Freight of $500 was prepaid and added to the invoice Returned 100 cases of spoiled soda (the merchandise was destroyed) Bought/Sold 3,000 cases of chips @ 3.00 each. FOB Destination Point. Cost 1.50 each. Terms, N30 Freight bill of $200 was received and paid Buyer pays for purchase on 7/3 in full Returned 200 cases of Chips - These will be resold Buyer pays for purchase on 07/10 in full 7/11/2017 d 7/13/2017 e 7/16/2017 f 7/19/2017 g Problem 2 The following data regarding purchases and sales of golf balls were taken from the related perpetual inventory account for Bride of Chuckie Golf Shop: Units 240 Transaction Beginning Balance Sale Purchase Date May 1 May 3 May 9 May 12 May 16 May 22 May 25 Cost/Price 12.00 28.00 13.00 28.00 14.00 28.00 15.00 150 175 180 220 280 250 Sale Purchase Sale Purchase a Determine the cost of the inventory balance at May 31, using (1) the first-in, first-out method, (2) the last-in, first-out method, and (3) the average cost method. Identify the quantity, unit price and total cost of each lot in the inventory b Prepare a schedule of Sales, Cost of Goods Sold and Gross profit for all three methods used in (a) above