b) See Through Inc retails hand blown glass vases and uses a perpetual inventory system. A statement of their purchases and sales of these vases for the month of June 20X9 is given below. Opening stock of 30 vases valued at a total cost of $27,000. June 1 Purchased 45 vases at a cost of $980 each. Sold 55 vases at $1,600 each. Purchased 70 vases at $1,200 each but a trade discount of 3% was received. Sold 60 vases for $114,000. Purchased 80 vases at $1,100 each but additionally there was a shipping cost of $200 per vase. June 3 June 5 June 6 June 10 June 14 June 18 June 23 June 25 June 27 June 30 Sold 112 vases for $280,000. Sold 65 vases for $2,300 each. Purchased 75 vases at a total cost of $108,750. 5 of the vases last sold were returned, as the customer purchased an incorrect quantity. An actual count of vases was carried out which revealed that there were only 9 hand blown glass vases in the store room. Requirements: -1- i) ii) Prepare the inventory record for See Through Inc. using the LIFO method. Determine the gross profit earned by See Through Inc. for the period. iii) State the journal entries necessary to record the transactions on June 6 & 18 under the -perpetual inventory system -periodic inventory system