Question 1 Valor Corporation Ltd. presents you with their inventory transaction for September 2022 to record in their data. Opening inventory was $153,200. 01-Sep Purchased 12,300 units of inventory on account for $362,400 05-Sep Freight charged by the supplier (also on account) for the above transaction was $59,620 09-Sep Some of the goods in the above order were damaged. They were able to negotiate a purchase allowance of $51,300 to be applied to their account. 12-Sep They returned $92,200 of goods to the supplier for credit on their account. 15-Sep A purchase discount was received on the order of $14,640 15-Sep Payment of $162,400 is made on the above account 30-Sep Sales to customers on account for the month totaled $635,130 30-Sep Cost of goods sold on the sales for the month was $326,780 30-Sep At the end of the month an inventory count is performed and they find there is $90,300 of inventory left on hand. Requirements: 1 Prepare the entries required under the perpetual system. Journal entry descriptions are NOT required. If no entry is needed state this and why. Marks Available: 2 Prepare the entries required under the periodic system. Journal entry descriptions are NOT required. If no entry is needed state this and why. Marks Available