Question: Please help me with the requirements below Question 1 Ruger Inc. presents you with their inventory transaction for November 2019 to record in their data.

Please help me with the requirements below Please help me with the requirements below Question 1 Ruger Inc. presents

Question 1 Ruger Inc. presents you with their inventory transaction for November 2019 to record in their data. Opening inventory was $92,830. 1-11 Purchased 15,000 units of inventory on account for $224,500 5-119 Freight charged by the supplier (also on account) for the above transaction was $29,750 9-11] Some of the goods in the above order were damaged. They were able to negotiate a purchase allowance of $25,000 to be applied to their account. 12-11. They returned $32,100 of goods to the supplier for credit on their account. 15-119 A purchase discount was received on the order of $14,230 15-119 Payment of $187,500 is made on the above account. 30-11 Sales to customers on account for the month totaled $651,300 30-11] Cost of goods sold on the sales for the month was $144,850 30-119 At the end of the month an inventory count is performed and they find there is $130,900 of inventory left on hand. Requirements: 1 Prepare the entries required under the perpetual system. Journal entry descriptions are NOT required. If no entry is needed state this and why. Marks Available: 9 2. Prepare the entries required under the periodic system. Journal entry descriptions are NOT required. If no entry is needed state this and why. Marks Available: 9

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