Question 1 (30 points) Homer Co. sells dishwashers. 31. made only one purchase and one sale. These During the first week of January 2017, the company transactions were as follows: g the first wet December 31, 2016, Homer's inventory amounted to $700,000 Jan. 5 urchased 70 machines from Bosch. The total cost of these machines was $70,000. Discount terms 2/10, n/60. shwashers on account to Home Design. The total sales price was $90,000. The total cost of these 55 units to Norfolk was $57,000. Homer has a full-time accountant and a compu ter-based accounting system Instructions Prepare journal entries to record these transactions, assuming Homer uses a perpetual a. b. Compute the ending balance in the Inventory control account at the close of business orn c. Prepare journal entries to record the two transactions, assuming that Homer uses a periodic d. Compute the cost of goods sold for the two weeks of January assuming use of the periodic e. Assume that purchases are recorded at net cost inventory system. January 10. inventory system. system. (Use your answer to part b. as the ending inventory.)