Question 3 (5+5=10 Marks) Balqees went to the market to buy flour for her bakery on 1st January 2020. The price fixed by the salesperson at the flour mill was $4.2/kg. Balqees was not ready to pay $4.2 per kg. She argued and bargained with the seller to reduce the price. The seller told her that if she bought the flour in bulk, he would be able to reduce the price for her per kg. She told him that she was ready to buy 100 kgs of flour. The seller was happy and asked her to pay only $3.5 per kg. Balqees informed the seller that she had only $100 with her, which she was ready to pay at that moment. She requested the seller to give her 30 days credit to pay the balance amount. The seller agreed. Balqees bought the 100 Kgs of flour. She made yummy cakes and bread. Her products were so much in demand that she was able to sell them and make a huge profit. All this she did it in just 20 days. She decided to settle her account with the seller at the flour mill on 21st January. On hearing this the seller who was pleased, told Balqees to pay the balance amount less 5% discount. a) You are required to calculate the value of trade discount and cash discount and show the journal entry for the transaction under perpetual and periodic inventory system. b) Discuss the Continuous Inventory System by justifying any five of its merits. (Number of words required to answer this part must be at least 100-150 words)