After the new store is completed, Large Mart orders 20 iSLEEPs from Bpple for a price of $400 per iSLEEP, and these iSLEEPs arrive on 1st June 201x, and are paid via bank transfer 5 days later.

On 5th June 201x, UNE purchases 15 iSLEEPs for the library for a price of $2,000 per iSLEEP on credit. UNE then pays the iSLEEPs on 6th June 201x.

On 6th June 201x, Large Mart purchases another 60 iSLEEPs from Bpple for a special price of $450. Normally the iSLEEP would currently cost $460, but Large Mart was able to receive a volume discount of $10 for each iSLEEP. The iSLEEPs arrive on the same day, and Large Mart pays this new delivery of iSLEEPs on the next day after deducting an early payment discount of 5%.

On 8th June 201x, UNE returns two of the iSLEEPs that were purchased on 5th June 201x because the library does not have sufficient space for all purchased iSLEEPs. Large Mart accepts the return, amends the original invoice on 8th June 201x, and returns the money paid for the two iSLEEPs to UNE on that day. Large Mart also keeps the two returned iSLEEPs in its inventory (valued at their full original cost) and will sell them again at a later date.

On 12th June 201x, Large Mart sells 5 iSLEEPs to Wright College for $1,600 per iSLEEP. Wright College pays via bank transfer on the same day.

Question 4) Provide all journal entries that are necessary in the books of Large Mart to account for all inventory purchase and sales transactions (including the payment and receipt of funds) of the new store, assuming that Large Mart uses a PERPETUAL INVENTORY SYSTEM and the FIRST-IN-FIRST-OUT cost flow assumption (4.0 marks).