Max Ltd adopts a perpetual FIFO inventory system. The following information relates to the inventory of Max Ltd during June. The selling price per unit is $12.00. June 1 300 @ $8.50 @ $8.65 490 3 Beginning Inventory Purchased on credit Sold (cash sales) Purchased with cash Sold (credit sales) 10 12 520 units units units units units @ $8.70 600 300 17 Required (12 marks) a. Prepare the general journal entries to record the above transactions. b. Assuming there have been no stock losses, determine the cost of the ending inventory and the cost of sales (round your answers to 2 decimal places)