Question 2 (Total 17 marks) Apr 4 Apr 15 480 Apr 17 Apr 30 Part A ABC Company completed the following transactions in April, assume the perpetual inventory system was used: Credit Sales Sales Return Date of collections Date Sales Sales Term Date s Total s 720 2/10, n/30 N/A N/A Apr 9 Apr 12 1,200 3/10, n/30 Apr 18 6,000 1/10,n/30 Apr 21 1,200 Apr 22 1,680 2/10, 1/60 Apr 24 380 Apr 28 Apr 24 1.920 2/10, n/30 Apr 28 480 Apr 29 Required Prepare the journal entry for the (a) Apr 18 sale, the merchandise sold had a cost of $4,200. (b) Apr 24, sales return, the merchandise returned had a cost of $240. (c) Apr 28 collection of cash from customer. (6 marks) Part B DEF Ltd uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Beginning inventory 300 units @ $6.50 = $ 1,950 Mar 18 Purchase 1,100 units @ $7.50 - 8,250 Jul 31 Purchase 1,500 units @ $7.80 - 11,700 Dec 26 Purchase 1,100 units @ $8.50 - 9.350 Total available for sale in year 4,000 units $31.250 At December 31, the ending inventory of this product consisted of 1,450 units. Determine the cost of the year-end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation: (a) First-in, first-out; (b) Average cost (round your answers to the nearest dollar). (6 marks)