10) Setup the following inventory items and enter the quantity of each item on hand as at 1/7/21 with their opening balances below. Use 1- 1320 Inventory as the default adjustment account. Item No A-101 A-111 A-121 Item Name T-shirt Sport Shorts Track Suit A-131 Adidas Sports A-201 Baseball Cap Shoes A-231 Nike Sports Shoes Cost of sales 5-1000 5-1000 5-1000 5-1000 5-1000 5-1000 account Income account 4-1000 4-1000 4-1000 4-1000 4-1000 4-1000 Inventory account 1-1320 1-1320 1-1320 1-1320 1-1320 1-1320 Buying Unit of Each Pair Each Pair Each Pair Measure Items per Buying 1 1 1 1 1 1 Unit Tax Code GST GST GST GST GST GST Minimum Stock 20 20 Alert Primary Supplier Adidas Pty Ltd. Default Reorder 100 Adidas Pty Ltd. 100 20 Adidas Pty Ltd. 100 20 Adidas Pty Ltd. 20 Nike Australia P/L 20 Nike Australia P/L 100 100 100 Quantity Base Selling Price $99 including GST $55 Including GST $385 including GST $165 including GST $16.50 including GST $308 including GST Selling Unit of Each Pair Each Pair Each Pair Measure Units on Hand 100 65 35 17 75 32 Cost (Excl. GST) $50 $30 $250 $110 $15 $220 Total $5,000 $1,950 $8,750 $1,870 $1,125 $7,040