RAZR WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. RAZR began the last quarter $($October to December$)$ of $2021$ with $30$ cases of the $($TOZO T$6)$ earbuds at a total cost of $$187,800.$ During the quarter the business completed the following transactions relating to the $$TOZO T$6$ earbuds:

October $8-98$ cases were purchased at a cost of $$6,202$ each. In addition, the business paid a freight charge of $$248$ cash on each case to have the inventory shipped from the point of purchase to their place of business.

October $31-$ The sales for October were $85$ cases which yielded total sales revenue of $$809,030.(25$ of these cases were sold on account to three longstanding customers$)$

November $4-$ A new batch of $67$ cases was purchased at a total cost of $$465,650$

November $10-5$ of the cases purchased on November $4$ were returned to the supplier, as they were not of the type nor model ordered.

November $30-$ During the month $60$ cases were sold, yielding total revenue of $$621,000$

December $4-$A customer, to whom $9$ cases were sold during the first business day of November, returned $3$ of the cases, as they were of another make and model.

December $10-$ Owing to an increased demand, a further $115$ cases were purchased at a cost of $$7,900$ each; these were subject to a trade discount of $2\%$ on each case.

December $30-121$ cases were sold during December at a unit selling price of $$11,085.$

December $31-$ An actual count of inventory was carried out which revealed that there were $34$ cases of the $$TOZO T$6$ brand of merchandise in the storeroom.

Unless otherwise stated, assume that all purchases were on account and received on the dates stated.

Required:

a$)$ Prepare a perpetual inventory record for this merchandise, using the first in$,$ first out $($FIFO$)$ method of inventory valuation to determine RAZR$$s cost of goods sold for the quarter and the value assigned to ending inventory.

b$)$ Given that selling, distribution and administrative costs associated with the TOZO T$6$ brand of earbuds for the quarter were $$42,844,$ $$38,120,$ and $$157,076$ respectively, prepare an income statement for RAZR WIRELESS $($TOZO T$6)$ for the quarter ended December $31,2021.$

c$)$ Journalize the transactions for the month of October, assuming the freight was paid by cash and the business uses a: $-$ Periodic inventory system.

$-$ Perpetual inventory system

d$)$ Explain the difference between a product cost and a period cost. How does the product cost manufacturer differ from the product cost of a merchandiser?