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Garrett Book Store entered into the transactions listed below. In the journal provided, prepare Garrett's necessary entries, assuming use of the perpetual inventory system. UPLOAD YOUR ANSWER AS A PDF FILE. 7/6 Purchased $1,700 of merchandise on credit, terms 1/30. 7/8 Returned $200 of the items purchased on July 6. 7/9 Paid freight charges of $90 on the items purchased on July 6 7/19 Sold merchandise on credit for $3,200, terms 1/10, 1/30. The merchandise had an inventory cost of $1,600 7/22 of the merchandise sold on July 19, $200 of it was returned. The items had cost the store $100 7/24 Received payment in full from the customer of July 19. 7/25 Paid for the merchandise purchased on July 6. 7/27 Purchased $3,200 of merchandise on credit, terms 2/10, 1/30 7/31 Paid for the merchandise purchased on July 27 The Cotton Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for month of March. Cotton Company uses the perpetual inventory system. UPLOAD YOUR ANSWER AS A PDF FILE. ALSO, IF YOU WANT PARTIAL CREDIT, UPLOAD YOUR INVENTORY SCHEDULE. Date Explanation Units Unit Cost OR Unit Selling Price 3/1 3/3 Beginning inventory Purchase Sale Purchase Sale $60 $75 $120 $85 3/4 3/10 3/16 3/19 3/25 3/30 100 60 60 200 70 80 50 40 Sale Sale $130 $130 $130 $90 Purchase Assuming the FIFO assumption, answer the following: 1) Calculate the total dollar amount charged to cost of goods sold for the month of March. 2) Calculate the dollar amount assigned to the inventory on hand on March 31. 3) Calculate the dollar amount charged to cost of goods sold for the sale on 3/16. 4) Prepare the journal entry to record the sale of goods on 3/19

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