On September 1, Boylan Office Supply had an inventory of 35 calculators at a cost of $13 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

Sept. 6 Purchased with cash 89 calculators at $27 each from Guthrie Co.

Sept. 9 Paid freight of $89 on calculators purchased from Guthrie Co.

Sept. 10 Returned 2 calculators to Guthrie Co. for $56 cash (including freight) because they did not meet specifications.

Sept. 12 Sold 31 calculators costing $28 (including freight) for $41 each to Lee Book Store, terms n/30.

Sept. 14 Granted credit of $41 to Lee Book Store for the return of one calculator that was not ordered.

Sept. 20 Sold 31 calculators costing $28 for $45 each to Orr's Card Shop, terms n/30.

Journalize the September transactions.

3. saving two consumers, larry and jeff, have utility functions defined over the two periods of their lives: middle age (period zero) and retirement (period 1). they have the same income in period 0 of m dollars and they will not earn income in period 1. the interest rate they face is r. larry’s and jeff’s utility functions are as follow. = 0.5 + 0.5 and = 0.5 + 0.5 for each person is between zero and one and represents each consumer’s temporal discount econ 340: intermediate microeconomics. ben van kammen: purdue university. rate. a. write the budget constraint that applies to both jeff and larry in terms of consumption in each period and ), interest rate, and m. b. what is larry’s and what is jeff’s marginal rate of intertemporal substitution? c. what is the slope of the budget constraint? d. write each consumer’s condition for lifetime utility maximization. e. re-arrange the conditions from part (d) to solve for the ratio, . f. if > which consumer will save more of his middle age income? g. if > 1 1+ , in which period will larry consume more: = 0 or = 1?