Assignment Six Problem decimal places For all JEs that follow, please round to two a) Weez Ltd purchased inventory on credit from Detroit Ltd for S5,980, including GST, terms 3/10, n/30, and paid within the discount period. 1) Prepare the purchase and payment journal entries for Weez Ltd, assuming Weez Ltd follows the "gross purchases" method. 2) Prepare the purchase and payment journal entries for Weez Ltd, assuming Weez Ltd follows the "net purchases" method. How would the payment JE change (show the JE) if Weez Ltd paid after the discount period? 3) Prepare the sale and cash receipt (within the discount period) journal entries for Detroit Ltd, ignoring the cost of goods sold portion of the sales journal entry b) After Weez Ltd purchased inventory on credit from Detroit Ltd for $9,000, including GST, terms 3/10, n/30, Weez Ltd received a purchase allowance for S690, including GST 1) Prepare Weez Ltd's journal entry to record the purchase allowance, assuming Weez Ltd follows the net purchases" method. 2) Prepare Weez Ltd's journal entry to record the purchase allowance, assuming Weez Ltd follows the "gross purchases" method. 3) Prepare Detroit Ltd's journal entry to record the allowance. c) In a period of falling prices, which inventory method would most closely represent the inventory's replacement cost on the Balance of rising prices Sheet? W Explain your answer. ould your answer change for a period d) Why should inventory be valued at net realisable value if that value is less than the inventory's cost? In your answer, refer to Conceptual Framework's definition of assets and fundamental qualitative characteristics. Problem 2