PerdFi Ltd buys and resells the inventory. The detailed information of beginning inventory and the transactions incurred during January is shown below. term of Cost the Quantity per contract unit Selling price Dates Transactions per unit 1 st Beginning inventory 100 $5.00 Jan. 10th Purchased inventory 3/7, n/30 100 $6.00 Jan. 12th Jan. Inventory purchased on 10th Jan. returned 10 14th Jan. Sales of inventory 2/10, n/30 50 $20.00 16th Paid supplier Jan. 14th Sales of inventory 2/10, n/30 50 $20.00 Jan. 16th Paid supplier Jan. 20th Jan. $1 Allowance granted to customers for each Inventory sold on 14th Jan. 22nd Jan. Customer settled (paid) their account Required: (please label your responses as 1.,2.) 1. Assuming periodic inventory system is applied with First-in First-out (FIFO) cost flow, journalize transactions incurred during January without considering GST. (7/9) 2. Calculate the value of ending inventory at the end of January. (2/9)