QUESTION Accounting for Inventory Mobile Planet is a shop which sells mobile phones. One of the products, a budget phone costs $150 each to buy from a supplier in Brisbane. The phones sell for $330 each. At the beginning of June, the business had an opening balance of 110 phones each costing $150. The owner has asked you to record the following transactions using both the perpetual inventory system and the periodic inventory system so he can compare the two methods. 1/8 Sold 15 mobile phones to a customer on credit for $330 each. 2/8 Purchases 20 mobile phones on credit for $150 each. 3/8 Sold 9 mobile phones to a customer for $330 each for cash. 5/8 Sold 6 mobile phone to a customer for $330 each on credit. 6/8 Purchased 10 mobile phones for $150 each using cash. EQUIRED: Prepare the journal entries to account for all of the events above using the Periodic Inventory System - (8 marks) 2. Prepare the journal entries to account for all of the events above using the Perpetual Inventory System 1 (8 marks) 3. Prepare the Income statement using the Periodic Inventory System (show how cost of sales was calculated) (2 marks) 4. Prepare the Income statement using the Perpetual Inventory System (2 marks) Total Marks - 204