1. Picker Paradise carries a large inventory of guitars and other musical instruments. Picker uses the FIFO method and a perpetual inventory system. Business records indicate the following for a line of Honeydew guitars: Date Item Quantity Unit Cost May 1 Balance 5 $70 6 Sale 3 8 Purchase 10 $80 17 Sale 4 30 Sale 5 Required: Journalise Picker Paradise's 8 May (i) purchase of the inventory on account and (ii) cash sale on 17 May. The sale price of each guitar was $154, including GST. The costs shown in the inventory records exclude GST at a rate of 10%