Question 4 (con't) c) Surfboard Ltd. sells surfboards and performs monthly closing. On May 1, 2020 Surfboard had 400 surfboards that cost $300 each. On May 3, 2020, Surfboard purchased 140 surfboards at $300 each on credit. On May 8, 2020, Surfboard sold a total of 150 surfboards for cash at $400 each. On May 31, 2020, a physical stock count revealed that there were 385 surfboards at $300 each left in the company. Required: (i) Prepare the Closing entries to 'Cost of Goods Sold' for the month of May 2020 assuming Surfboard uses Periodic inventory system. (4 marks) (ii) Construct the 'Inventory' account for the month of May 2020 assuming Surfboard uses the Perpetual inventory system