Question B5 Star Security Company ("Star") sells security systems. At 31 December 2020, the company's inventory amounted to $440,000. During the month of January 2021, Star made only one purchase and one sale. These transactions were as follows: 3 Jan Sold a 24-hour surveillance system to Silver Seas House for $200,000 cash. The system consisted of six different devices, which had a total cost to Star of $112,000. 21 Jan Purchased two model 400 and four model 800 infra-red detection systems from Big Boss Company. The total cost of this purchase amounted to $100,000. Star records purchases of goods at gross. The company has full-time accounting personnel and uses a manual accounting system. Required: (a) Prepare journal entries to record the two transactions, assuming use of the periodic system. (2 marks) (b) Prepare ALL closing entries for the month of January. (5 marks) (c) Prepare a partial income statement showing the company's gross profit for the month ended 31 January 2021. (4 marks) (d) Suggest which type of inventory system you think Star should use with justification. (4 marks)