Good day,

Assistance needed with an assignment. Need parts a,b,c and d answered showing proper workings.

Black's Electronics are retailers who purchase and sell electrical gadgets & appliances, including phablets and uses a perpetual inventory system and the FIFO method to account for inventory. The business began the last quarter of 2016 with merchandise inventory of 10 of the \"Huawei Mate 9\" phablets at a total cost of $162,000. All purchases were on account and received on the dates stated. a) Prepare a perpetual inventory record for the merchandise to the determine the value of ending inventory at December 31, 2016, and the amount to be assigned to cost of goods sold for the period. b) Given that the selling, distribution and administrative cost for the quarter were $22,450, $11,250 and $80,430 respectively, prepare and income statement for Blacks Electronics, to determine the net profit for the quarter. c) State the journal entries necessary to record the transactions on November 12 and November 27, assuming the company uses a: Perpetual inventory system and a Periodic Inventory System d) Assume that 4 of the phablets sold at the close of the business on November 10 were returned to Black's Electronics on November 15. Briefly explain, how this \"sales Return' would be reflected in the inventory record. How will this affect the income statement of the business