QUESTION 1 (7 marks) Pluton uses a periodic inventory system. Prepare general journal entries to record the following transactions on the books of Pluton: June 10 Pluton purchased merchandise on credit from Nixon for S6,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Nixon. 12 Pluton returned $700 of merchandise from the June 10 purchase. 19 Pluton paid Nixon for the June 10 purchase. QUESTION 2 (10 marks) A. Harlingen Store uses the retail method and has the following information available concerning their most recent accounting period (5 marks): At Cost At Retail Beginning-of-period inventory S148.600 S 245.200 Net purchases 677,400 1.229.800 Sales 1,200,000 (1) What is the cost ratio using the retail method? (2) What is the estimated cost of the ending inventory? B. A company's store was destroyed by a fire on February 10. The only information that could he salvaged included the following: (1) Inventory, January 1: $34,000(2) Purchases SI18.000X3) Sales: S140,000The company's gross profit rate was 30%. Calculate the estimated value of the destroyed inventory