PROBLEM E Met Gala Clothing Company uses the periodic inventory system. The following are the transactions occurred in the month of August: Aug 1: Purchased merchandise from MQA, Inc. for credit for P20,000, terms 2/10, 1/15, n/30 (FOB shipping point). Aug 5: Returned faulty merchandise purchased for P1,000 on Aug 1 to MQA, Inc. for credit Aug 8: Purchased merchandise on account from JCV Inc., for P15,000, terms 3/15 (FOB Destination) Aug 11: Paid freight charges of P750 for merchandise ordered from MQA, Inc. Aug 15: Paid MQA, Inc. for the merchandise purchased on August 1 Aug 18: Purchased merchandise for cash, P8,900 Aug 25: Paid JCV, Inc. for merchandise purchased Question 42 The Net Purchases for the month of August amounted to PBlank 1. Blank 1 Add your answer Question 43 Assuming Met Gala Clothing Company paid MQA, Inc. on August 9 and not on August 15, the Net Purchases for the month amounted to PBlank 1 Blank 1 Add your answer 2 Points 2 Points