Chill Company (Chill) purchases and sells thermo cups. It adopts a perpetual inventory system and conducts inventory count once yearly on 31 December. The following were taken from its unadjusted trial balance dated 30 November 2019: Credits Debit S 470,000 3,000,000 Inventory Sales Sales returns and allowances Cost of goods sold 28,000 1,750,000 The following transactions occurred in December 2019: Dec 5 Dec 7 Chill purchased $250,000 worth of thermos cups from its supplier A Co. on credit. Chill sold goods to Cool Company at $100,000 on credit. Gross profit rate is 30% Chill returned $30,000 inventory to its supplier A Co. due to incorrect color of the cups. Dec 10 Dec 12 Chill sold goods to Silky Company at $180,000 on account. Gross profit rate is 40%. Chill paid to its supplier A Co. for the purchases in December. Dec 13 Dec 15 From the purchase made on 12 Dec, Silky Company returned to Chill $30,000 of inventory that it has bought Chill received a check from Silky Company to settle sales in December. Dec 18 Dec 25 Chill received a check from Cool Company to settle sales in December Dec 31 Chill conducted a physical count of inventory and found $520,000 of inventory on hand. (Try to prepare answer for b) first before this journal entry) Required: a) Prepare journal entries for Chill Company regarding on the above transactions in December 2019. (26 marks) b) Prepare the inventory and cost of goods sold ledger accounts in T format showing balance as at 31 December 2019. (4 marks) Inventory Cost of Goods Sold Bal. Bal. C) Copy the following Partial Income Statement to your answer. Fill in the missing figures (?) (Show Workings in the bracket provided) (6 marks) Bofo Company Partial Income Statement For the year ended 31 December 2019 S 2 Sales Less Sales Return & Allowance Net sales Less Cost of goods sold ( Gross profit ? ? ? . HKBN TF5:40 18%04