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Exercise 1 Heisenberg Gmbh. is a merchandising company that operates in the wholesale distribution of chemical products for research laboratories. Transactions are the following: a. Beginning inventory: 2,300 units at 14 b. Purchase of 3,800 units at 15. A few days later, Heisenberg realized that 500 units have different characteristics from those expected. The company accepts the supplier's offer of a 2% allowance on the entire purchase, to avoid a return. C. Purchase of 700 units at 16 d. Credit sale of 5,000 units at 22 each to W. White Laboratories. e. The customer returns 150 units lamenting quality issues. Heisenberg offers a 3% allowance on the remaining units. f. At the end of the year, a physical count of the inventory reveals that 20 units are missing from the warehouse 8. The market value of the inventory at the end of the period drops to 15 per unit. Journalize the above described transactions using LIFO and periodic inventory, and then using FIFO and perpetual inventory, including the closing entries