The following information relates to Humbert Huntsman Ltd. The company uses the perpetual inventory system to account for its one line of inventory. The following information relates to the three-month period ending 30 September 2020. Month Date Item Number of Units Cost Freight Selling Price per cost per Price per Unit $ unit $ Unit $ July 3 Balance 500 50.00 5 9 Sales 400 100.00 18 Purchases 450 45.00 5 August 9 Sales 500 100.00 20 Purchases 600 40.00 5 September 23 Sales 550 100.00 Required: Assuming the firm uses the First-in-First-Out Method: Calculate the total sales for the quarter (ii) the Cost of Sales for the quarter iii) the Gross Profit c) Calculate the Gross Profit Margin as it was for 9 July and 23 September and explain any change. (ii) Suppose the physical stocktake on 30 September showed that there were 30 units on hand yet the inventory record showed there were more units on hand. Prepare the general journal entry to record the difference. A narration is required. (iv) Following an accident in the warehouse it was assessed that five (5) of the items of the ending inventory could only be sold for $35 after making some repairs (which cost $5 per unit. Show how this assessment would be journalised. A narration is required