Provide Journal entries for all of the following. Part 3 Part 1 Sales related and purchase related transactions. Prepare journal entries for the following. The following were selected from among the transactions completed by the Brown Company during May of the current year: Prepare journal entries for the following transactions. 4 Sold merchandise for cash, $100,000. The cost of merchandise sold was $55,000. 5 Purchased merchandise on account from Black Co., list price $50,000, trade discount 20%, freight of $400, terms FOB shipping point, 2/10, n/eom Use the information below to determine the number of units in ending inventory ang the ending inventory value using the perpetual inventory system for FIFO. ($) Number Per Date Transaction of units unit Apr. 3 Inventory 25 1,200 8 Purchase 75 1,240 11 Sale 40 30 Sale 30 May 8 Purchase 60 1,260 10 Sale 50 19 Sale 20 28 Purchase 80 1,260 June 5 Sale 40 16 Sale 25 21 Purchase 35 1,264 28 Sale 44 12 Sold merchandise on account to Red Co., sales price $17,000, terms 2/15, /30. The cost of merchandise sold $10,000. *********** gla k # # # 13 Red returned $3,000 of merchandise from the May 12th transaction 14 Paid Black on account, for purchase of May 5. 22 Sold merchandise on account to Yellow Co., $90,000. The cost of merchandise sold was $55,000 25 Received merchandise returned by Yellow co. from sale of May 22, $40,000. The sest of the returned merchandise was $25,000 Part 4 There are 10 units in ending inventory compute the value of the ending inventory using the periodic inventory method. Compute the answer using FIFO, LIFO and the average sest methods. (round your answer to the nearest whole number) 28 Received cash on account from sale of May 12 to Red less the return of May13. Price Per 31 Paid VISA service fee of $3,000 Number of units unit Date Apr. 3 8 2 Part 2 What does FOB mean? 2 3 2 3 What are the two types of FOB, and who pays under each method? 12 15 20 25 25 30 30 Transaction Inventory Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase 11 30 May 8 10 19 28 June 5 16 21 28 What account does the buyer charge (debit) when she pays her own freight charges? Cost Per Purchase 24 30 60 50 75 90 90 96 105 160 135 150 What account does the seller charge (debit) when she pays the buyer's freight? 3 3 3 3 4 3 3 What account does the seller charge (debit) when she pays her own freight charges? 32 35 40 45 50