SA Limited (SA) had opening inventory of $1,100 in February 2021 (100 units at $11 each). During the month of February 2021: - On 3 February, 100 units of inventory were purchased at $15 each. Cash was paid. - On 10 February, 50 units were sold for $20 each. Cash was received. - On 18 February, 150 units were purchased at $17 each on account. - On 26 February, 100 units were sold for $22 each on credit.

Required:

(a) Prepare all the journal entries for the month ended 28 February 2021, assuming that SA adopts the moving average-cost method under a perpetual inventory system. (12 marks)

(b) Prepare the journal entry only for the transaction on 3 February 2021, assuming that SA adopts the weighted average-cost method under a periodic inventory system. (2 marks)

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