Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. June 1 Inventory 6,830 units @ $2.20 4 Purchases 5,150 units @ $2.15 9 Sales 4,590 units 12 Purchases 4,590 units @ $2.40 21 Sales 3,470 units 24 Sales 3,250 units 26 Purchases 3,470 units @ $2.50 30 Sales 2,910 units Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $7 per unit. GST is 10% and is not included in any of the costs and selling prices above. A stocktake on 30 June revealed 5,770 units in inventory. Using the FIFO method, prepare appropriate purchases and sales journals to record these events. (Round per unit cost to 2 decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 5,275.) Date Explanation Unit 1/6 Balance 4/6 Purchases 9/6 Sales 12/6 Purchases 21/6 Sales 24/6 Sales 26/6 Purchases $ Purchases Unit cost $ Total cost Unit $ Sales Unit cost Total cost Unit 26/6 Purchases 30/6 Sales 30/6 Missing inventory Sales Balance Unit Unit cost Total cost Unit Unit cost Total cost $ $ $ Date Account Post ref. $ 9/6 ( units @ $ ) 21/6 ( units @ $ 24/6 ( units @ $ ) 30/6 ( units @ $ ) Sales journal Sales GST payable Accounts receivable Cost of sales $ $ $ $ $ Purchases journal Date Account Post ref. Inventory GST receivable Accounts payable 4/6 ( units @ $ ) $ $ $ 12/6 ( units @ $ v 26/6 ( units @ $ ) $ $ $ Prepare an appropriate inventory record for Product EF5089 for June, and post the journals prepared in requirement A above to the appropriate general ledger accounts (assuming that product EF5089 is the only product bought and sold by Tamworth Trading Ltd). (Enter all debit entries first, followed by all credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Particulars 30/6 Sales General journal Debit (Stocktake revealed that 50 units are missing) General ledger Credit Date Explanation Post Ref. Debit Credit Balance 30/6 Balance SJ Inventory Post Date Explanation Ref. Debit Credit Balance 1/6 Balance 30/6 Purchases PJ 30/6 Cost of sales SJ 30/6 Missing inventory GJ No. 400 No. 500 Prepare an income statement for Tamworth Trading Ltd for June. (Round answers to O decimal places, e.g. 5,275.) Tamworth Trading Ltd Income statement for the month ended 30 June +A $ +A $