Question 3 (31 marks) Alpines Company (Alpines) purchases and sells hiking boots. It adopts a perpetual inventory system and conducts inventory count once yearly on 31 December. The following accounts balances were extracted from its trial balance dated 30 November 2021: Inventory Sales Sales returns and allowances Cost of goods sold Debit S Credit S 94,000 600,000 6,000 348,000 Dec 1 Dec 6 Dec 9 Dec 11 Dec 14 The following transactions happened in December 2021. Alpines purchased $50,000 worth of hiking boots on credit from a supplier X Company. Alpines sold goods to Uny Department Store on credit at $20,000 with a gross profit rate of 55%. Alpines returned $6,000 worth of hiking boots bought from X Company on 1 December due to incorrect size of the boots. Alpines sold hiking boots to Wing On Department Store on account at $36,000 with a gross profit rate of 60%. Alpines paid X Company for December purchase. Dec 15 Wing On returned to Alpines $5,000 of goods purchased on 11 Dec. Dec 18 Wing On paid Alpines for December purchase. Dec 31 Year end physical inventory count of Alpines showed inventory on hand was $104,600. Required: (a) Prepare journal entries for Alpines on the above transactions. (b) Calculate the following figures for the year ended 31 December 2021: (i) Sales $ (ii) Sales Returns & Allowance $ (iii) Cost of goods sold $ (iv) Gross profit $ The End (24 marks) (1 mark) (2 mark) (2 mark) (2 marks)