Classique Designs sells a variety of merchandise, including school shoes for girls. The business

beganthe last quarter of 2013 with 30 pairs of the "Aerosoles" brand at atotalcostof $54,000.

The following transactions, relating to the "Aerosoles" brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased70pairsatacostof$2,400eachbuttheseweresubjecttoatrade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yieldedtotalsales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the "Aerosole" brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

Aphysicalstockcountonthatdaterevealedthattherewere42pairsofthe

"Aerosoles" brand in the warehouse.

December 4

Purchased 75 pairs of shoes at atotal costof $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses theFIFOmethodto accountfor inventory.

Required:

i)Prepare aperpetual inventoryrecord forClassique Designs, to determine the value of ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods sold for the period.

ii)Calculate the gross profit for the period.

iii)You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:- Periodic inventory system

- Perpetual inventory system.