QUESTION 4 Part A (a) Minecraft Company bought RM67,000 of merchandise, terms 2/10, n/30. (b) Minecraft Company sells RM55,000 of merchandise, terms 1/10, n/30. The merchandise cost RM30,000 (c) The customer in (b) returned RM5,000 of merchandise to Minecraft Company. The merchandise returned cost RM3,000. (d) Minecraft Company received the balance due within the discount period. Required: Prepare the necessary journal entries to record the above transactions, assuming Minecraft Company uses a perpetual inventory system. (13 marks) Part B Jumanji Company uses the perpetual inventory system and had the following purchases and sales during July 2019. Purchases Units Unit Cost 200 RM80 120 RM100 Sales Units Selling Price/Unit 140 RM160 7/1 Beginning inventory 7/3 Purchase 7/4 Sales 7/10 Purchase 7/16 Sales 7/19 Purchase 7/25 Sales 400 RM110 160 RM180 80 RM120 300 RM180 Required: Using the inventory and sales data above, calculate the value assigned to cost of goods sold and the ending inventory using a FIFO method. (12 marks)