bation Inventory valuation & Control e Wizz Electronics sells a variety of electronic devices including a variety of WIFI SMART cas Julbs. The business began the second quarter (April to June) of 2022 with 15 (V380PRO) camera bur at a total cost of $108,750. The following transactions relating to the "V380PRO" camera bulbs were completed during the quarter. April 7 April 30 May 6 May 9 May 31 June 5 June 14 June 30 90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freight charges of $800 cash on each bulb to have the inventory shipped from the point of purchase to their warehouse. The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of these bulbs A new batch of 80 bulbs was purchased at a total cost of $654,800 Upon inspection of the inventory purchased on May 6, five (5) of the bulbs were found to be defective and were returned to the supplier. During the month 62 of the camera bulbs were sold at a price of $11,450 each. A customer, to whom 7 of the bulbs were sold during the first business day of May. returned 3 units of the merchandise, as they were of another make & model. Owing to an increased demand, a further 110 bulbs were purchased at a cost of $9,000 each; the supplier gave a 3% quantity discount on the purchase. 116 bulbs were sold during June at a unit selling price of $12,250. June 30 An actual count of inventory was carried out at the close of business which revealed that there were 36 units of the V380PRO brand of merchandise in the store room. Unless otherwise stated, assume that all purchases were on account and received on the dates stated. Required: A) Prepare a perpetual inventory record for this merchandise, using the first in, first out (FIFO method of inventory valuation to determine the company's cost of goods sold for the quarter and the value of ending. Given that selling, distribution and administrative costs associated with the V380PRO brand o (20 marks) WIFI SMART camera bulbs for the quarter were $27,255, $42,400, and $140,600 respectivel prepare an income statement for The Wizz (V380PRO) for the quarter ended June 30, 2022. Journalize the transactions for the month of April, assuming the company uses a: Periodic inventory system Perpetual inventory system (6 marks) (8 marks) Buckley Enterprise sells a product that cost $450 per unit and has a monthly demand of 5,C units. The annual holding cost per unit is calculated as 5% of the unit purchase price. It costs business $75 to place a single order. Currently the business places 12 orders each year. i) What is the total stock administrative cost of Buckley's current inventory policy? i) Is this the entity's cost minimizing solution for this product each year? Explain. (6 marks)