: Please follow the instruction for the following quiz: Jimmy bought inventory on account for $5,000 dollars on July 1st. The terms were net 30, 2/10. Assume Jimmy uses the perpetual method of recording inventory. 1) Record the purchase of inventory under the GROSS METHOD 2) Record the payment for inventory under the GROSS METHOD if the payment was made on July 7 3) Record the payment for the inventory under the GROSS METHOD if the payment was made on July 25". Net Method: 1) Record the purchase of inventory under the NET METHOD 2) Record the payment for the inventory under the NET METHOD if the payment was made on July 7 3) Record the payment for the inventory under the NET METHOD if the payment was made on July 25". Date Units Amount Per Unit January 2" 13 $20.00 January 7th 17 January 12th 22 $18.00 $16.00 1) Assume the company is using the FIFO perpetual method of inventory and we had a sale on January 9th. We sold 15 units at $30 dollars a unit. Please make the journal entry for the sale and how much gross profit did this sale have. 2) Assume the company is using the FIFO periodic method of inventory and on January 15th we had 14 units on hand. Please make the journal entry to record sales and how much gross profit did we have assuming we sold all units at $30. 3) Assume the company is using the LIFO periodic method of inventory and on January 15th we had 14 units on hand. Please make the journal entry to record sales and how much gross profit did we have assuming we sold all units at $30. 4) Assume the company is using the LIFO perpetual method of inventory and we had a sale on January 9. We sold 15 units at $30 dollars a unit. Please make the journal entry for the sale and how much gross profit did this sale have.