Question 2 Up Market has commenced a business supplying Woda to State Schools. All purchases and sales of Pack are on credit. Up Market uses a perpetual inventory recording system. Transactions June 1st 2010 Dechese the first 200 Woda at $240 each and paid freight of $200. June 2nd Sold 100 pack at $600 each - this sales price will remain constant for the accounting period. June 3rd Customer returned 10 track June 3rd Purchased 100 Woda at $252 each and paid freight of $200. June 4th Sold 70 oca June 5th Sold 25 oca June 6th Purchased 100 lada at $255 each, paid freight of $200. June 7th The stock-take revealed 210 Packsuitable for sale. Required: a. Prepare General Journal entries to record the transactions, using First in First out for stock movements and if necessary show the entry for any stock loss or gain for the period. (No narration required). b. Prepare an extract of Income Statement up to the gross profit stage, based on a Perpetual Inventory System for the period ended June 7th 2019, using First-In-First Out for the movement of stock. The Stock Card on the next page is available for your use - it will not be marked B - 6 marks EIRO EXTRACT OF INCOME STATEMENT Question outlet This Stock Il available for your use - it will not form part of the assessment. a. Date Particulars Dr CrS Inventory Item: ada Description: IPads of Businesses Order: Min20/Max 100 Code: ECR2000 Cost Method: Date In (received) Unit Tot Cost Cost Out (COGS) Unit Tot No Cost Cost Balance Unit Cost Total Cost No No