Part IV-CLO: 3, Total 10 Marks 0. No. 4 At December 31, 2009, ABC company's inventory amounted to Rs. 44000- Jan 3, sold goods to ZEF Company for Rs. 20000 - cash. The cost of the same was Rs. 11200/- Jan 7, purchased goods at the cost of Rs. 10000; terms 2/10, 1/30. ABC Company, records purchases at net cost. Instructions: a) Prepare Journal entries, if ABC Company uses a perpetual inventory system. b) Compute the balance in the inventory control account at January 7. c) Prepare Journal entries, if ABC company uses a periodic inventory system d) Compute the Cost of Goods sold for first week of January, assuming use of the periodic system. As the amount of ending inventory, use your answer to part b