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BAYWEST Stationery & Supplieslocated in Montego Bay, Jamaica, sells a variety of school supplies including several brands of tablets. The business uses a perpetual inventory system and adjustscost of goods soldfor any shortage or excess inventory.BAYWESTbeganthe third quarter (July to September) of 2020 with 30 (Alcatel)tablets at atotal costof $187,800. During the quarter, with the onset of the COVID-19 pandemic, the business completed the following transactionsrelating to the "Alcatel"tablets.

July 8

98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248cashon each tablet to have the inventory shipped from the point of purchase to their warehouse.

July 31

The sales for July were 85 tablets which yieldedtotalsales revenue of $809,030.(25 of these tablets were sold on account to longstanding customers)

August 4

A new batch of 67 tablets was purchased at atotalcost of $465,650

August 10

5 of the tablets purchased on August 4 were returned to the supplier, as they were not of the model ordered.

August 31

During the month 60 tablets were sold at a price of $10,350 each.

September 4

A customer, to whom 9 tablets were sold during thefirstbusiness day of August, returned 3 of the instruments, as they were of another brand.

September 10

Owing to an increased demand, a further 115 tablets were purchased at a cost of $7,900 each; these were subject to atrade discountof 2% each.

September 30

121 tablets were sold during September at a unit selling price of $11,085.

September 30

An actual count of inventory was carried out which revealed that there were 34 units of the"Alcatel"brand of merchandise in the store room.

Unless otherwise stated, assume that all purchases were on account and received on the dates stated.

Required:

1. (A)Prepare aperpetual inventoryrecord for this merchandise, using the first in, first out (FIFO) method of inventory valuation to determine BAYWEST's cost of goods sold for thequarter and the value of ending.(21 marks)
2. (B)Given that selling, distribution and administrative costs associated with theAlcatelbrand of tablets for the quarter were $42,844, $38,120 and $157,076 respectively, prepare an income statement forBAYWEST Stationery & Supplies(Alcatel)for the quarter ended September 30, 2020.(6 marks)
3. (C)Journalize the transactions for the month of July, assuming the company uses a:

• -Periodic inventory system
• -Perpetual inventory system(8 marks)

(D)Wheels & Deals Limited uses 60,000 batteries each year in its production of motorcycles at a cost of $450 per battery. The cost of placing an order is $75.00. The cost of holding one unit of inventory for one year is 0.5% of the unit purchase price. Currently, Wheels & Deals Limited places 12 orders of 5,000 batteries per year.Compute the cost Wheels & Deals' current inventory policy. Isthis the minimum cost? Explain.(5 marks)