Hitech has commenced a business supplying IPads to State Schools. All purchases and sales of Ilads are on credit. Hitech uses a perpetual inventory recording system. Transactions June 1st 2021 Purchase the first 200 leads at $240 each and paid freight of \$200. June 2nd Sold 100 IPads at $600 each - this sales price will remain constant for the accounting period. June 3rd Customer returned 10 llads. June 3rd Purchased 100 Itads at $252 each and paid freight of $200. June 4th 4Sold 70 IRads. June 5th Sold 25 Ifads. June 6th Purchased 100 Itads at $255 each, paid freight of \$200. June 7th The stock-take revealed 210 leads suitable for sale. Required: 1. Prepare General Journal entries to record the transactions, using First in First out for stock movements and if necessany show the entry for any stock loss or gain for the period. (No narration required). 2. Prepare an extract of Income Statement up to the gross profit stage, based on a Perpetual Inventory System for the period ended June 7th = 2021 using First-In-First Out for the movement of stock