Problem (34 points) Lac Company is a Chicago dairy store that imports dairy products (milk, cheese, cream, etc.) from several national suppliers and sells those goods to Chicago customers. For each of the following transactions, provide the journal entry or entries that Lac would make under PERPETUAL versus PERIODIC inventory system. There are extra rows in the tables. LAC JOURNAL ENTRIES RELATED TO PURCHASING DAIRY PRODUCTS > On May 1, Lac ordered $140,000 worth of dairy products from a supplier in Wisconsin on credit. The terms of the purchase were 1/10, n/30, FOB shipping point. Goods arrived on May 3. Lac paid Fedex $3,800 for shipping. Perpetual Journal Entries Periodic Journal Entries > On May 9, Lac returned $14,000 worth of dairy products. Perpetual Journal Entries Periodic Journal Entries > On May 15, Lac paid the amount it owed related to the prior purchase. Perpetual Journal Entries Periodic Journal Entries LAC'S JOURNAL ENTRIES RELATED TO SELLING DAIRY PRODUCTS > On May 4, Lac sold $300,000 worth of cheese to customers, terms 2/10, n/30. The cheese sold to customers had a cost of $180,000. Perpetual Journal Entries Periodic Journal Entries > During May, Lac's customers returned cheese with invoice price of $8,000 and were granted an allowance on their accounts. The returned goods had an initial cost of $4,600. Perpetual Journal Entries Periodic Journal Entries > On May 13, Lac received payment on account from May 4 sale. Perpetual Journal Entries Periodic Journal Entries