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Part B Stardew Berhad is a merchandise company that buys and sells hiking backpacks. During the month of November 2019, the following merchandise transactions occurred.

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Part B Stardew Berhad is a merchandise company that buys and sells hiking backpacks. During the month of November 2019, the following merchandise transactions occurred. Nov 2 Purchased from Gummy Berhad 800 units of hiking backpacks worth RM40 each on account. The terms were 10/10, n/30 FOB shipping point. The appropriate party made cash payment of RM110 for freight charges on this date. 4 Returned 80 units of hiking backpacks to Gummy Berhad due to some defect 6 Sold to Monopoly Sdn Bhd 450 units of hiking backpacks worth RM60 each on account. The terms were 5/15, n/30 FOB shipping point. The appropriate party made cash payment of RM110 for freight charges. 10 Paid Gummy Berhad. Required: Prepare the journal entries to record the transactions using a perpetual inventory system. Show all your workings. (15 marks)

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