Remaining Time: 1 hour, 56 minutes, 12 seconds. Question Completion Status: QUESTION 5 5 The perpetual system requires that each sale of merchandise has two entries: the rever True enue side and the cost side. False QUESTION 6 5 Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on Abgust 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full ount due. The correct journal entry to record the purchase on August 7 is: Debit Merchandise Inventory $9,750; credit Accounts Payable $9,750 Debit Accounts Payable $9,750; credit Merchandise Inventory $9,750. Debit Merchandise Inventory $9,750; credit Cash $9,750. Debit Accounts Payable $8,250; debit Purchase Returns $1,500; credit Merchandise Inventory $9,750 Debit Merchandise Inventory $9,750; credit Sales Returns $1,500; credit Cash $8,250. QUESTION 7 5 po A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? $296 $304 O $288 $276 $280