Problem 5-3A Singh Distributing Company uses the perpetual inventory system and engaged in the following transactions during May of the current year: Journalizing purchase and sale transactions under the perpetual inventory system Purchased office supplies for cash, $22,000 May 3 7 Purchased inventory on credit terms of 3/10, net eom, $76,000. 8 Returned 25 percent of the inventory purchased on May 7. It was not the 2. Inventory balance, $221,170 inventory ordered Chapter 5 Merchandising Operations 303 Sold goods for cash, $34,000 (cost, $20,400) Sold inventory on credit terms of 2/15, n/45 for $150,800, less $15,080 quan- tity discount offered to customers who purchase in large quantities (cost, $90,480) Paid the amount owed on account from the purchase of May 7, less the discount and the return Received wrong-sized inventory as a sales return from May 13 sale, $12,400, which is the net amount after the quantity discount. Singh's cost of the inventory received was $7,440 Purchased inventory of $164,000 on account. Payment terms were 2/10 net 30 Paid supplier for goods purchased on May 18. Received cash in full settlement of the account from the customer who purchased inventory on May 1

31 Prchased inventory for cash, $96,000, less a quantity discount of $9,600, plus freight charges of $2,200 Required

1. Journalize the preceding transactions on the books of Singh Distributing Company

2. Suppose the balance in Inventory was $20,000 on May 1. What is the balance in inven- tory on May 31?

can u please how to calculate 2 question ?