The Tyson Corporation's fiscal year ends on December 31. Tyson determines inventory quantity by a physical count of inventory on hand, showing the balance of $150,000 at the close of business on 31 December 2020. The following items were all included in the inventory cost balance: 1. Goods costing $20,000 purchased from a vendor shipped f.o.b. shipping point on 24 December that arrived on 4 January. 2. Goods costing $25,000 shipped f.o.b. shipping point on 27 December arrived at the customer's location on 4 January. 3. Goods costing $28,000 purchased from a vendor shipped f.o.b. destination on 27 December that arrived on 5 January. 4. Freight charges $1,500 on goods sold in (2). 5. Merchandise of $35,000 which is held by Tyson was on consignment. The consignor is Masterpiece Limited. 6. Goods costing $22,000 shipped f.o.b. destination on 29 December that arrived at the customer's location on 2 January. Required: Based on the information above, determine the correct inventory balance that shows on Tyson's Statement of Financial Position on 31 December 2020. Show your workings clearly. Part B (15 marks) On 3 January 2021, Tyson entered a contract with Deli Company. According to the contract, Tyson agrees to deliver the product with the contract price $80,000 (with cost of $10,000) to Deli on 10 January with credit terms of 2/10, n/30. Deli settles half of the payment on 15 January and the balance due on 21 January. Required: (1) What are the five-step of revenue recognition process? Which date should Tyson recognize the revenue for the contract with Deli? Explain briefly. (ii) Prepare the journal entries for Deli to record the transactions, assuming Deli is adopting the perpetual method and net method for recording purchases and discounts respectively