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Name:HomeworkWeek 3(1) What is the difference between FOB Shipping Point and FOB Destination Point. Which ofthe two will cause a debit to Inventory for the buyer and a debit for the seller?(2) Make the journal entries for the following transactions assuming a perpetual inventorysystem for Upsy.1. On June 2, Upsy Corporation sold $900,000 of jet parts to Fly By Night with terms of2/10 net 30. The cost of the merchandise was $620,000.2. On June 10, Fly By Night returned $90,000 of the merchandise purchased June 2. Thecost of the returned merchandise was $62,000.3. On June 12, Upsy received the balance due from Fly By Night.DateAccountDebitCredit(3) The end of year perpetual inventory record for Upsy Company showed merchandiseinventory valued at $98,000. A physical count of the inventory shown that $95,700 wasactually on hand. Make the adjusting entry.DateAccountDebitCredit(4) Parkwood Department Store uses a perpetual inventory system. Data for the shirtdepartment include the following purchases for restocking:DateNumber of UnitsUnit PriceMay 750$10July 2830$13On June 23 Parkwood sold 26 units and on August 25, they sold 40 more units. Prepare aperpetual inventory schedule for the aforementioned transactions using (A) FIFO and (B) LIFO.A)DateFIFO MethodFIFO MethodPurchasesCost of Goods SoldLIFO MethodBalance
