Question: Periodic Inventory System (Version 4) Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on

Periodic Inventory System (Version 4) Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at 2 $100 each, returned 7 units for credit, and sold 150 units at $203 each. Flint Ltd. values its inventory on the basis of first in first out (FIFO). Instructions a) Journalize the September transactions, assuming that Flint Ltd. uses a periodic inventory system. (6 marks) b) Assume that Flint Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 100 units of inventory remaining at September 30. Prepare the necessary adjusting entry at September 30. (5 marks) Please provide your complete journal entries (omit nel in the table below. Please show any supporting calculations in the blue shaded region below

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