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Question 21 26 pts INVENTORY TRANSACTIONS (26 points: The following are selected transactions for Old School Enterprises during the month of August. For each transaction, explain the journal entry required from the perspective of Old School Enterprises You do NOT need to worry about form. Just tell me what accounts are debited and credited and the amounts. For example, your response might be on January 1, debit Supplies 100 and credit Accounts Payable 100. Label each transaction by letterie "A", "B". et ceteral. Note that some transactions will require referencing other transactions. A) August 3: Old School purchases $25,000 of merchandise for resale from Bloe's Wholesalers Terms are FOB Shipping Point, 2/10, 1/30. Blue ships the same day. (A points) B) August 9; The goods from Blue's Wholesalers arrive. Old School ways off the entire balance. (4 points) C) August 14: Old School sells $12.000 of inventory to Dean Pritchard, terms 3/15, 1/60. FOB shipping point, and ships the same day. The sales price is $16,000.14 points D) August 17: Dean Pritchard returns 53.000 of detective merchandise tselling price at 34,000) to Old School. The merchandise can be put back in inventory and is valued at 75% of its original cost. 15 points E) August 19: Dean Pritchard complains that some of the terms received are the wrong color Old School issues him a credit memorandum for 5700, and he decides to keep those goods. (A points) F) August 24 Dean Pritchard makes full payment on account 15 points) P Question 22 12 pts Sea Bass Company reported the following transactions during the month of September. Beginning inventory was 1.100 units, all at 540/unit. Sea Bass Company has a PERPETUAL Inventory wystem September 7: Sold 400 units for $100/unit . September 16: Purchased 1.000 units at 550/unit September 26: Sold 1.500 units for $110/unit September 29: Purchased 500 units at $55/unit Using the above information answer the following questions. Label your answers. SHOW YOUR WORK FOR POTENTIAL OF EARNING PARTIAL CREDIT IN THE CASE OF AN INCORRECT ANSWER A Calculate COST OF GOODS SOLD using FIFO 16 points B) Calculate COST OF GOODS SOLD WEIGHTED AVERAGE. (6 points)