Stevens Ltd is the leading retailer of Gym equipment. The following information occurred during May 2020. Stevens Ltd had an opening inventory balance of $8,400,000. May Returned to the suppliers $80,000 of the opening inventory and received cash. 12 Purchased additional inventory on credit from the supplier for $12,000,000. 18 Sold inventory for $6,000,000 cash (Cost price to Stevens Ltd $2,400,000). 19 Paid the suppliers the account from 12 May. 31 The closing stocktake at year-end revealed an inventory balance of $17,800,000. Required: (a) Record the above information for the month of May 2020 in the general journal using the perpetual inventory method. Narrations are not required. Ignore GST. [6 marks] (b) Record the above information for the month of May 2020 in the general journal using the physical inventory method. Narrations are not required. Ignore GST. [8 marks] (c) Present the Income Statement extract for Stevens Ltd using the periodic inventory method for the month ended 31 May 2020. [3 marks] (d) Briefly explain two advantages of the perpetual inventory method for Stevens Ltd. [2 marks]