Please help me do this assignment

PROBLEM 1. (12 POINTS) Forrest's Cycle Shop uses a perpetual inventory accounting system and the gross method of accounting for sales had the following transactions during the month of July. Prepare the required journal entries that Forrest's Cycle Shop must make to record these transactions. old merchandise to a customer on credit for $60o, terms 2/10, n30. The Jul st of the merchandise sold was $350 ld merchandise to a customer for cash of $425. The cost of the old merchandise to a customer on credit for $1300, terms 2/10, n/30. The customer from July 3 returned merchandise with a selling price of July 4 merchandise was $250 July 6 The cost of the merchandise sold was $750 July 8 S10o. The cost of the merchandise returned was $55. July 15 discounts earned July 31 discounts earned customer from July 6 paid the full amount due, less any appropriate The customer from July 3 paid the full amount due, less any appropriate PROBLEM 2. (14 POINTS) A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using FIFO. SHOW YOUR WORK. YOU WILL LOSE POINTS IF YOU DO NOT SHOW EACH STEP Units Acquired at Cost Units Sold at Retail |175 units @ $15.00 DateActivities . Aprill Beginning Inventory 150 units @ $16.00 200 units@ $17.00 160 units @ $18.00 4 Purchase 60 units @ $30.0o 50 units @$30.00 50 units@$32.00 les 0Purchase 16 Sales 25Purchase 28Sales