' Problems 15) The following transactions apply to Jan Beginning inventory 12-Jan Purchase 19 Mar Sales 8-Jun Purchase 4. Nov Sales bond 30 units 30 units 160 units 20 units 35 units S120 each 510 each S190 each 5116 each 5200 each Assume the use of the periodic inventory method and that all transactions were for cash Required: a) Calculate the cost of goods sold and ending inventory, assuming a FIFO cost flow b) Determine the gross profit rt Problems. 14) Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April (15 points): 14) - April 1, Steve's Skateboards purchased inventory from Shokoko on credit for S6000, terms 2/10,n/30 FOB shipping. The shipping cost is $200 and paid in cash. - April 3, Steve's Skateboards returned inventory costed $1000. -April 26 Shokoko paid for the purchase. Required: Prepare the journal entries to record these transactions on the books of Steven's Skateboards