The December 31, 2018 merchandise on coesignment fron the Harrison Company. This mer- is nor included in the preliminary inventory with the Joclyn Corporation. The year end Raomond held 514,000f on January 3 2019. The serchandise costing S1S.000 on On Deceber 29% mechande merchandise inventory balance menchandise is aot included in the preliminary to be reported in Raymond's 2018 balance sheet determines inventory quantity by a physical has asked for your Detenmine the oorect invensory amount so be reported in Raymond's quantbies and he in deciding if the fellowing inems should be included in the year-end inventory couet costs included in LMerchandise held on comsignment for Trout Creek Clothing The Phoenis Corporation's fiscal year ends on December 31. Phoenix count of inventory on hand at the business on December 31. The E 8-8 close of 2 Goods shippod Ea.h desination on December 28 that arrived at the customer's location on January 4. Gros purchased from a vendor shipped toh shipping point on Decemher 26 that arrived on January 3 Gals shipped toh shipping point on December 28 that arrived at the customer's location on January s 5. Phoenix had merchandise on consignment at Lisa's Markets, Inc Goods purchased from a vendor shipped t.o.b. destination on December 27 that arrived on January 3 7. Freight charges on gouds purchased in 3 Determine it cach of the items albuve should be included or excluded from the company's year-end inventory terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the gross method of accounting for Om Jely I5. 2018, the Nison Car Compuny puarchased 1,000 ires from the Harwell Company for S50 each. The Purchase discounts, the gross method purchase discounts 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018. 2 Prepare the journal entry to record the payment on August 15, 2018. 3. Ir Nixon instcad uses a perpetual inventory sysiem, explain any changes to the journal entries created in requirements I and 2. E 8-10 Purchase (This is a variation of E 8-9 modified to focus on the net method of accounting for purchase discounts] On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The the net terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts method LO8-3 Required l. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018. 2. Prepare the journal entry to record the payment on August 15, 2018. 3. Ir Nivon instead uses a perpetual inventory system, explain any changes to the journal entries created in reqairements I and 2. Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 20 de and The unats have a li st price of S500 each, but Thomas was given a 30% trade discount. The terms of the sale w chase 210 n/30. Thomas uses a periodic inventory system het method2018, using the gross method of accounting for purchase discounts. pared ss method and 1. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November counts; the Required 2. Prepure the jounal entry to record the payment on December 15, 2018, using the gross method of accour 8-3 for purchase discounts. 3. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts