4. Journalize the following two (2) transactions using the perpetual and periodic methods. July 5 - Purchased merchandise on account for $3,500 from Tim. July 9 - Paid freight in on the merchandise from July 5 for $400. Compare and contrast the First-In, First-Out (FIFO), Last-In, First- Out (LIFO), and Average Cost inventory costing methods, including a discussion of the effect of using each in a period of rising prices