1. You are the Accountant for Unique Shoes Store whose business is booming due to back to school sale. The transactions below are from Aug 2019. The sales are coming from the Internet along with the store located in Chicago, IL. The owner of the store uses perpetual inventory system. Prepare the journal entries for each transaction's, be detailed as possible and show the work. Use T-accounts to help you with this process, if applicable. nug 1-Purchased 3.000 pairs of Adidas at a cost of $55. paid 35% in cash and rest on account. nug 1-Purchase 5,000 pairs at a cost of $60 per pair from NIKE on account, paid 15% in cash and rest is an account. Aug 1 - Purchased 6,000 pairs of Reebok at a cost of $50 per pair on account. Aug 1 - Purchased 10,000 pairs of MISC at a cost of $30 per pair, paid 55% cash and rest is account. Aug 1-Paid salaries cxpense to rmplayers of $50,000 Aug 1-Paid rent of $10.00 Aug 3-Received checks of $5k from NIKE, $7K fram ADIDAS and $3K fram Reebok for promoting their products online. Aug 3-Sold 200 pairs of NIKE to customers and recorded $14,000 of sales in cash. Aug 4-Sold 100 pairs of Adidas to customers and recorded $8,000 of sales in cash. Aug 4 - Sold 200 pairs of Korbok to customers and reminded $18,000 of sales in cash. Aug 4 Sold 1,000 gairs of Misc ta customers and recorded $45,000 af sales in cash. Aug 4 - From the cash received on Aug 3, pay the following vendors to bring down the liability. Pay Nike 25%, ADIDAS BOX, REEBOK 10% and MSC 15%. Aug 10 - Purchased additional 1,000 pairs of NIKE shoes at a cost of $50 per pair, all on account. Aug 15 - Paid salaries expense to employees of $50,000 Aug 15 - Paid utilities of $5000 - Breakdown is Water 15% Gas 35% Electricity SOX Aug 15 - Sold 1,000 pairs of Adidas to customers and recorded $80,000 of sales in cash. Aug 17 - Sold 2,900 pairs af Nike to customers and recorded $203,000 af sales in cash. Aug 19 - Sold 5,000 pairs af Reebok to customers and recorded $300,000 af sales in cash. Aug 21 - Sold 5,000 pairs af Misc to customers and recorded $225,000 of sales in cash. Aug 29 - The owner of the company advises you that during the entire month of Aug a total of 175 shoes have been returned for a full refund and must be returned back to the vender for credit. Below is the breakdown Nike -50 pairs of shoes Adidas - 25 pairs of shoes Reebok - 25 pairs of shoes Misc - 75 pairs of shoes 2. Prepare an income statement for Unique Shoes Store for the month of Aug 2019. 3. There are two methods called LIFO and FIFO, please answer the questions below regarding each and use your own words, do not copy from PDF/book A. What does each mean? B. Name the industry that they are affiliated with? 4. What are the three items that should be included in the cost of inventory? 5. What is the difference between Perpetual and Periodic inventory? Use your own words, do not copy from PDF/book