Requirements Journalize the purchase transactions. Explanations are not required. 1. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Jul. 8: Elfland Toys buys $160,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30 Date Accounts Debit Credit Jul. 8 Jul. 12: Elfland Toys returns $16,000 of the merchandise to MegoBlock due to damage during shipment. Credit Debit Date Accounts More Info Jul. 12 Jul. 8 Elfland Toys buys $160,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30. 12 Elfland Toys returns $16,000 of the merchandise to MegoBlock due to damage during shipment 14 Elfland Toys paid the amount due, less the return and discount Jul. 14: Elfland Toys paid the amount due, less the return and discount Credit Date Accounts Debit Jul. 14 Print Done Requirement 2. In the final analysis, how much did the inventory cost Elfland Toys? The inventory cost for Elfland Toys is $