Case - 2: Al-Faisal Company is a well-known perfume trader in Oman. The company was established in 1976 and is trading local and international perfumes through five of its stores. Recently it has added watches, cosmetics and accessories in its inventory along with perfumes. The company has engaged in the following transactions in April 2020. Aprill Purchased perfumes on credit from Rashid Company, terms 1/EOM, 1/30, FOB shipping point, OMR 20,000. 3 Sold perfumes on credit to Khalid Company, terms 2/15. n30, FOB shipping point, OMR 8,000 (cost, OMR 4,800). 6 Paid for shipping charges on perfumes purchased on April 1, OMR 500 10 Purchased perfumes on credit from Mohammed Company, terms 2/15,1/30, FOB shipping point, OMR 20,000. Mohammed Company paid freight costs of OMR 1,000 in lieu of Al-Faisal Company 14 Sold perfumes on credit to Abdullah, terms 2/10/EOM, 1/30, FOB shipping point, OMR 6,000 (cost, OMR 3,600). 15 Returned damaged perfumes received from Rashid Company on April 1 for credit, OMR 2,000 18 Received collections in full, less discounts, from Khalid Company for its purchase of April 3. 20 Sold perfumes for cash, OMR 3,000 (cost, 1,800). 24 Paid Mohammed Company in full including freight cost for the purchase of April 10. 27 Paid Rashid Company the balance from the transactions of April 1 and April 15. 28 Accepted from Abdullah a return of perfumes, which was put back in inventory, OMR 500 (cost, OMR 300). 29 Received collections in full, less returns and discounts, from Abdullah Company for his purchase of April 14. 30 Purchased perfumes for cash, OMR 2,000 (cost, OMR 1,200). Question - 2: a. You are required to prepare journal entries to record the transactions, when the company uses: i. Periodic Inventory System, and (3.5 Marks) ii. Perpetual Inventory System. (3.5 Marks) b. Perpetual Inventory System keeps a continual record of the amount of inventory available. Explain