Question:1 On March 1, 2022, Company Z had 1800 merchandise inventories at a cost of $59.90 each. The company uses periodic inventory system and has completed the following merchandising transactions during the month: March. 3 9 12 Purchased 5000 merchandise at $61.90 each from Company X, terms 3/10. n/60, FOB shipping point, appropriate party also paid $2000 freight charges on that day. Returned 200 merchandise due to damage during shipment to Company X, Company "X" approved credit for the damage. Paid Company X in full. Sold 5000 merchandise on account to Company "Y" for $99.90 each, terms 2/10, n/60, FOB destination, appropriate party also paid $1500 for freight charges. Purchased 2000 merchandises at $63.90 each from Company L, terms 1/10, n/30, FOB destination, appropriate party also paid for $1000 freight charges on that day. Received payment from Company "Y" in full. 17 21 30 Merchandise inventory on March 31st is worth of $222,840. Page 1 Instructions: i. Prepare the journal entries to record these transactions on the books of Company "Z" using periodic inventory system. [6] ii. Prepare the cost of goods sold section for the month ended 31st March 2022 for Company Z. [4]