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Question 2: Periodic Inventory System The question has two steps

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Question 2: Periodic Inventory System The question has two steps. Pay attention. 10 points total. Company A uses a periodic inventory system. The beginning balance of the Inventory for 2020 was $40.000. During the year the company purchased $690,000 of merchandise. At the end of the year on December 31, 2020, the balance of the Inventory is $120.000. Please calculate the COGS and prepare the adjusting entry for December 31" 2020. Calculations Joumal Entry Date Account Tittle Debit Credit

Question 3: Perpetual Inventory System 25 points total. Please read carefully. Edison's Company sells markers and uses perpetual inventory system. During June 2019, the company engaged in the following activities. Please make the corresponding joumal entries for each of the dates June 1st: Edison's Company purchased with cash merchandise from AA Markers for $4.000. June 3rd: Edison's Company purchased on account another $1.000 of merchandise from BBMarkers with term 5/10, n/30. June 5th: Edison's Company sold $300 merchandise with the cost of $200 to costumer A, the customer paid with cash. June 6th: Edison's Company sold $400 merchandise with the cost of $300 to costumer B, on account with term 5/10, n 30. June 9th: Costumer B returned $200 of the merchandise that they purchased on 6th of June. June 10th: Costumer June 12th: Edison's Company paid the corresponding amount for the purchase on June 3rd