Question 2 (30 marks) Part I (10 marks) Each of the following five lines represents a separate set of information in a periodic inventory system and some elements of an income statement. Compute the missing amounts. Sales Sales Net Beginning Purchases Ending Cost of Gross Return Sales Inventory Inventory Goods Profit Sold 215,800 (1) 210,000 69,000 (2) 55,500 147,000 63.000 b. 109.200 3.000 (3) 31.200 30,600 79,200 27,000 c. 126,700 6,700 120,000 18.000 68,000 (5) 66,000 (6) d. (7) 77,000 480,000 152,000 208,000 70,400 (8) 190,400 e. 459,000 54,000 405,000 (9) 225,000 67,500 (10) 117,000 Part II (20 marks) Funny Company uses perpetual inventory method. Prepare the journal entries for the following transactions: Dec 1 Purchased goods from Sisi Company for $18,000 on account 3 Returned $800 of the goods to Sisi Company. 17 Sold goods to Handy Company for $21,500 with gross profit rate of 20%. The payment will be made within 30 days. 31 Funny conducted physical count of inventory and revealed $750,000 inventory was on hand while the inventory account balance was $772,000