QUESTION Singapore Book Store (SBS) sells SONY II calculators mostly purchased by college students. Each calculator is purchased at a standard price of $25. The selling price of each calculator is $47. SBS uses a perpetual inventory system. On 1 September 2016, SBS had in stock 50 calculators valued at $25 each. Following transactions occurred during the month of September Sep-12Purchased 90 calculators at $25 each on credit 18Sold 110 calculators to students at $47 each on credit 25Returned 3 calculators to the suppliers for quality issues 292 calculators were returned by a student Prepare general journal entries to record the transactions. Include narrations. Ignore GST. Prepare an Income Statement Extract of Revenue, Cost of Goods Sold and Gross Profit for the month of September 2016. Required: a) b) (15 marks)