BAYWEST Stationery 61 Supplies located in Montego Bay, Jamaica, sells a variety of school supplies including several brands of tablets. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. BAYWEST began the third quarter (July to September) of 2020 with 20(Alcatel) tablets at a total cost of $124,800. During the quarter, with the onset of the COVIDlQ pandemic, the business completed the following transactions relating to the "Alcatel" tablets. July 8 105 tablets were purchased at a cost of $6,140 each. In addition, the business paid a freight charge of $310 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse. July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) A new batch of 70 tablets was purchased at a total cost of $486,500 August 10 6 of the tablets purchased on August 4 were returned to the supplier, as they were not of the model ordered. August 31 During the month 62 tablets were sold at a price of $10,050 each. September 4 A customer, to whom 9 tablets were sold during the rst business day of August, returned 2 of the instruments, as they were of another brand. September Owing to an increased demand, a further 118 tablets were purchased at . 10 cost of $7,800 each; these were subject to a trade discount of 2% each. 124 tablets were sold during September at a unit selling price of $1 1,060. 30 September An actual count of inventory was carried out which revealed that there were 35 30 units of the \"Alcatel\" 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 rst in, rst out (FIFO) method of inventory valuation to determine BAYWEST'S cost of goods sold for the quarter and the value of ending. (21 marks) (B) Given that selling, distribution and administrative costs associated with the Alcatel brand of tablets for the quarter were $34,840, $42,100 and $173,760 respectively, prepare an income statement for BAYM'EST Stationery 6': Supplies (Alcatel) for the quarter ended September 30, 2020. (6 marks) (C) Journalize the transactions for the month of January, assuming the company uses a: - Periodic inventory system - Perpetual inventory system (8 marks)