Recording purchases and sales of inventory LO1, 2 Lowder Company purchased 275 units of inventory on account for $5775. Due to early payment, Lowder received a discount and paid only $5225. Lowder then sold 150 units for cash at $55 each, purchased an additional 65 units for cash at a cost of $1430, and then sold 100 more units for cash at $55 each. Lowder uses a perpetual inventory system. Required a Prepare all journal entries to record Lowders purchases and sales assuming the FIFO inventory costing method

plus the following additional requirements: > Exercise 4 additional requirement b) Prepare the same journal entries as part a, this time using the periodic inventory system using the FIFO cost flow assumption. Compare the similarities and differences between journal entries recorded using the perpetual and periodic inventory systems. You may wish to write the journal entries side by side for ease of comparison. > Exercise 4 additional requirement c) Instead of receiving a purchase discount for early repayment, Lowder received an allowance of $2 per unit because the inventory delivered had some minor defects. Record the journal entry for the allowance under BOTH the perpetual and the periodic inventory systems.