USE EXCI SPREADSH YOUR WORK FOR ALL #1-Perpetual Inventory Method-Journal Entries Required: Prepare journal entries for each of the following transactions under the Perpetual Inventory method- include recording date and all required revenue, expense and balance sheet accounts. The Widget Company sells only one product (widgets) and uses FIFO. December 31, 2019 inventory is as follows: Date purchased Quantity Unit cost December 5, 2019 1.500 December 20, 2019 700 December 28, 2019 500 $5.34 $5.48 $5.40 1. January 2, 2020: Received 1,000 widgets with a unit cost of $6.00. The units were shipped from the supplier on December 29, 2019 FOB shipping point. The widgets were not included in the December 31, 2019 inventory. Payment terms are 2/10, net 30. The company uses the Net Method for recording payment discounts. 2. January 5, 2020: Sold 3,000 widgets for $11.00 each and shipped FOB shipping point. Payment terms are 1/10, net 30. The company uses the Gross Method for recording sales discounts. 3. January 6, 2020: Paid in full for the 1,000 widgets received on January 2, 2020. 4. January 10, 2020: Customer returned 200 of the widgets sold and shipped on January 5, 2020. All items were in excellent condition and returned to inventory. 5. January 15, 2020: Received 2,500 widgets with unit cost of $5.90. Payment terms are net 30 no payment discount offered. Atlas Freight Company billed Widgets $250.00 for delivering the widgets and Widgets paid Atlas immediately. 6. Calculate the following for January 2020: a. Inventory quantity on hand and account balance at the end of the month b. Net Sales, Cost of Goods Sold and Gross Profit for January 2020