Fleming Machinery uses the periodic method of inventory accounting. 1. Journalize the following transactions relating to the company’s purchases in 2003: Jan. 21 Purchased $8,000 of inventory on credit, terms 2/10, n/30. 30 Paid $7,840 to pay off the debt from the January 21 purchase. Mar. 14. Purchased $125,000 of inventory on credit, terms 2/10, n/30. Paid $500 in cash for transportation. Apts 1 Returned defective machinery worth $20,000 to manufacturer. 13. Paid $105,000 to pay off the debt from the March 14 purchase. 2. Assuming these were the only purchases in 2003, compute the cost of goods sold. Beginning inventory was $13,000 and ending inventory was $22,000.