ter Flve Merchandising op mead. ACCT2110 Financial Accounting Group Test 2 Problem 1. Schneider Book Store entered into the transactions listed below. July 6 Purchased $8,000 of merchandise on credit, terms n/30. Returned $2,000 of the items purchased on July 6. Paid freight charges of $900 on the items purchased July 6. Sold merchandise on credit for $3,400, terms 1/10. n/30. The merchandise had an inventory cost oL $1,700. 22 of the merchandise sold on July 19, $200 of it was returned. The items had cost the store $100. 28 Received payment in full from the customer of July 19. 31 Paid for the merchandise purchased on July 6. Instructions: Prepare Schneider's necessary entries, assuming use of the perpetual inventory system. roblem 2. The Dexter Company sells many products. Whamo is one of its popular items. Below is an analysis o the month of March. Dexter Company uses the periodic invento 100 $82 any products. Whamo is one of its popular items. Below is an analysis of Problem 2. The Dexter Company sells many products. Whamo is one of its popular iteme R urchases and sales of Whamo for the month of March. Dexter Company uses the periodic inventory system. Purchase Units Unit Cost Sales Units Selling Price/Unit $60 1-Mar Beg. Inventory 60 $75 3-Mar Purchase $120 4-Mar Sales 10-Mar Purchase 200 16-Mar Sales $130 19-Mar Sales $130 25-Mar Sales $130 40 30-Mar Purchase $90 Instructions: (Show computations) (a) Using FIFO, calculate the ending inventory and the cost of goods sold for March. (b) Using Weighted average, calculate the ending inventory and the cost of goods sold for March (c) Using LIFO, calculate the ending inventory and the cost of goods sold for March