PerpLi Ltd buys and resells the inventory. The detailed information of beginning inventory and the transactions incurred during January is shown below. Dates Transactions term of the Cost per Quantity contract unit Selling price per unit 1st Jan. Beginning inventory 100 $5.00 10th Jan. Purchased inventory 3/7, n/30 100 $6.00 12th Jan. Inventory purchased on 10th Jan. returned 10 14th Jan. Sales of inventory 2/10, n/30 50 $20.00 16th Jan. Paid supplier 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 perpetual inventory system is applied with Last-in First-out (LIFO) 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)