On 3rd June 201x when the new store is completed, Large Mart orders 250 interactive screens from Milano for a price of $500 per interactive screen; these interactive screens arrive on 4th June 201x. The interactive screens are purchased on credit and paid via EFT at the end of the month.

On 6th June 201x, UNE purchases 100 interactive screens for the business department for a price of $1,900 per interactive screen on credit. Two days later UNE notices that they have ordered far too many interactive screens and asks Large Mart to return 20 unused interactive screens. Lage Mart allows UNE to return the 20 excess interactive screens and returns them to inventory of the store. UNE then pays the remaining interactive screens on the 9th of June 201x after deducting an early payment discount of 10%.

On 10th June 201x, Large Mart purchases another 200 interactive screens from Milano at a special price of $700 per interactive screen. The interactive screens arrive on the same day, and Large Mart pays this new delivery of interactive screens via EFT three days later.

On 20th June 201x, Large Mart holds an end of financial year sale. On the 21th June 201x Large Mart sells 150 interactive screens to La Trobe University (LTU). LTU purchases the interactive screens on credit for a list price $1,600 per interactive screen. However, LTU also received a volume discount of $50 per item at time of purchase (reducing the price of each interactive screen to $1,550).

At the end of the financial year that is 30 June 201x, Large Mart is advised that Milano will begin to sell a new version of the interactive screen called Interrativo2 early in July 20x1. As a result, Large Mart believes that all interactive screens currently in store can only be sold if the sales price is immediately reduced to $600 per interactive screen.

Question :Calculate Cost-of-Goods-Sold and the closing balance of the Inventory Trade/Sales account for the year ended 30 June 201x of the new Large Mart Store (based on the information provided in this assignment ONLY), determine if the release of the Interrativo2 will have any impact on the closing balance of the Inventory Trade/Sales account, explain your decision, and provide all journal entries that are necessary in the books of Large Mart to account of this impact (if any exists).