Esperado Furnishings are retailers who purchase and sell household furnishings, including table lamps. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. The business began the last quarter of 2018 with merchandise inventory of 10 pairs of "alia table lamps at a total cost of $168.200 The following transactions, relating to the "alia" brand were completed during the quarter: October 5 Purchased 15 pairs of lamps at a cost of $17,020 per pair October 14 Sold 18 pairs of lamps to Muller Furnishings at $2,50 per pair October 22 Purchased 24 pairs at a cost of $18,175 per pair but the supplier gave a 4 quantity dict. November 10 Sold is pairs of lamps to Orion Household Lid and 10 pairs to Brown's Furnishings which yielded total sales revenue of 589.750. November 12 Owing to an increased demand for this product, 30 pairs of Lamps were purchased on account at a cost of $17,612 per pair. In addition, Esperado paid $288 in cash on each pair of lamps to have the inventory shipped from the vendor's warehouse to Esperado's showroom. November 27 Sold 2 pairs of lamps to Middletown Company at a price of $25. 00 per pair November 30 An account of inventory was carried out which revealed that there were 15 pairs of the Italia brand in the warehouse December 2 In preparation for the festive season, Esperado purchased 25 pairs of lamps at a total cost of $474.500. December 15 5 pairs of the lamps purchased on December 2 were returned to the supplier, as they were not of the brand ordered December 30 Sold 22 pairs of lamps to two customers (Omegn Traders & Middleton Furnishings) at a selling price of $26.550 per pair. All purchases were on account and read on the dates stated. Required: Prepare a perpetual inventory record for Esperado Furnishings, using the first in, first sit (FIFO) method to determine the value of ending inventory at December 31, 2018, and the total amount to be assigned to cost of goods sold for the period. (a marks) 1) Given that selling, distribution and administrative costs for the quarter were $22.445, $10,250 and $75.435 respectively prepare an income statement for Esperado Furnishings for the period, to determine the net profit for the quarter, assuming the perpetual inventory (6 marks) iii) You are told that 8 pairs of lamps wold on November 27, 2018 were on account. State the Journal entries necessary to record the transactions on November 12 and November 27. A iming the businesses : - Perpetual inventory system Periode inventory system Assuming that perde sold 86 pairs of "Italia brand of lamps during the quarter, determine the value of ending inventory and enst of goods sold assuming the businessed the periodie stem and the LIPO method (smarks)