Problem Two: Posker Ltd ("Posker"), a GST registered company, is a wholesaler of smart phones. The Table shown below gives the company's beginning inventory and purchases of a particular phone, the All About Me ("ABM"), in March. The cost shown is net of GST and settlement (purchase) discount. ABM phones Quantity Unit Cost* Total Beginning inventory (1 March) 10 $202.86 $2,028.60 Purchase (5 March) 15 $225.40 $3,381 Purchase (15 March) 20 $225.40 $4,508 Purchase Return (17 March) (5) $225.40 ($1,127) Purchase (31 March) 10 $225.40 $2,254 *The figures shown are the gross purchase price less GST and less the purchase discount. Additional information: Posker has a perpetual inventory system and records its purchases using the net purchases method. Posker's sole supplier of the ABM is Malkin Ltd ("Malkin"), also a GST registered company. Malkin allows a 2% discount for prompt payment. Both companies have the same general ledger accounts, including the following, among others: Cash, Accounts Receivable, Inventory, GST Clearing, Accounts Payable, Sales, Sales Discounts, and Cost of Goods Sold. Required: a) On 7 March, Posker sold, on credit, 20 ABMs to The Warehouse for $5,980, including GST, terms 2/10 net 30. Posker costs its inventory and goods sold using FIFO. i) Prepare Posker's journal entry for the 7 March sale to The Warehouse. . . ii) What would have been the unit cost of the goods sold if Posker had used Show your the moving weighted average method instead of FIFO? workings. b) On 20 March, Posker settled in full, within the discount period, the amount owed Malkin for the 15 March purchase less the 17 March purchase return. i) Prepare Malkin's journal entry to record the receipt of the funds. ii) Prepare Posker's journal entry for the payment. iii) Prepare Posker's journal entry, assuming Posker paid after the discount period. (Hint: you may have to create one additional general ledger account to answer this requirement correctly.)