Tammy Music buys drum for $22 (GST inclusive) each and sells them for $77 (GST inclusive) each. On 1 June 2021, 90 drums were in inventory. The following transactions occurred during June 2021:

June 2: Purchased 50 drums from Warner Drum on credit. Terms: 2/10, n/30, EXW supplier's warehouse.

June 3: Paid freight cost of $242 (GST inclusive) on 2 June purchase.

June 4: Sold 80 drums on credit to Heart Rock. Terms: 3/10, n/30, DDP acquirer's warehouse. Paid freight cost of $132 (GST inclusive).

June 10: Returned 5 of the faulty drums purchased on 2 June to Warner Drum. Fully settled the payment with Warner Drum.

June 12: Heart Rock returned 10 of the drums sold on 4 June. The drums were not defective and were returned to stock.

June 13: Received full settlement from Heart Rock.

A physical stocktake taken on 30 June reveals 62 drums on hand.

Requirement:

a)Prepare general journal entries for the above transactions under the

(i) Perpetual method of accounting;

(ii) Periodic method of accounting

b) Prepare the Income Statement for the period ended 30 th June using

(i) Perpetual method of accounting;

(ii) Periodic method of accounting