2. Angle Company started business on January 1. During the year, the company purchased merchandise with an invoice price of $500,000. Angle also paid $20,000 freight on the merchandise. During the year, Angle also returned $80,000 of the merchandise to its suppliers. All purchases were paid for in a timely manner, and a $10,000 cash discount was taken. $418,000 of the merchandise was sold for $627,000. What is the December 31 balance in the Inventory accounts? Assume Inventory was paid for in Cash. Show T-accts with Ending Balance of Inventory. 3. Samuel Company uses the perpetual inventory system. Samuel purchased merchandise with an invoice price of $800, terms 2/10, n/30. If Samuel returns merchandise with an invoice price of $200 to the supplier. Assume Samuel purchases inventory on account. What are the journal entries to record the purchase and return of inventory? 4. Jackson Company reports net sales of $500, cost of sales of $300, and net income of $50. What is the gross profit percentage and return on sales ratio for Jackson? Define gross profit percentage and return on sales ratio in text and then show your work using the formula for each. 5. Jefferson & Sons purchased $5,000 of merchandise from the Claremont Company with terms of 3/10, n/30. How much discount is Jefferson & Sons entitled to take if it pays with the allowed discount period of 10 days? Provide Es for the purchase on account and subsequent payment in cash. 6. Adams Inc. purchased merchandise with a list price of $6,000 from the Sprague Company Sprague offers its customers credit terms of 2/10, n/30. What amount should Adams pay if the cash discount is taken? Provide JEs for the purchase on account and subsequent cash payment with discount.