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Question 1 (20) a. Shine Co. is a fashion merchandizer and deals in stitched and unstitched clothes on customer choice basis. On December 31, 2020, Shine's inventory amounted to Rs. 9,500*R. During January 2021, Shine Co. made the following transactions: Jan. 4: Sold the new volume which included three different themes of Rs. 8,200*R, to Fabrics Plus for Rs. 10,000*R cash. Jan. 11: Purchased specification designs from Apparels Do, and the total cost of this purchase amounted to Rs. 5,500*R; terms 3/15, n/45 Jan 25: Shine Co. paid cash to Apparels Do. (Shine Co. records purchases of merchandise at net cost. Note: The company has full-time accounting personnel and uses manual accounting system and at the end of the month the inventory shows worth Rs. 1,300*R. Instructions: i. ii. Prepare journal entries to record these transactions, assuming that Shine Co. uses a perpetual inventory system. Prepare journal entries to record the two transactions, assuming that Shine Co. uses a periodic inventory system. Compute the cost of goods sold for January, assuming periodic system. Which type of inventory system do you think Shine Co. should use? Justify your reason. iii. iv. b. General Motors uses Perpetual Inventory System. On December 31s, the record indicates the following quantities of a particular spare part; Units Unit Cost ($) 10*R 22.0 Beginning Purchased 13*R 25.0 Purchased 12*R 28.5 Sold 14*R Purchased 11*R 39.0 Sold 15*R Instructions i. Prepare the journal entries required to adjust the inventory records at year-end, assuming that General Motors' uses: Last-in, first-out. Differentiate between Periodic and Perpetual Inventory System