Quick and Easy Groceries Inc. (Quick) is a small shop that sells groceries and other small household items. It has just begun operations, and its accounting manager is deciding whether to use a perpetual or periodic inventory system to record inventory. Inventory information for one item stocked in the store, for the last month, is as follows : Selling price per unit Units 1,000 900 (500) 1,400 Cost per unit $5 $5 Beginning inventory Purchases, on account Credit sales Ending inventory $8 $5 Quick’s accounting manager plans to prepare its financial statements under ASPE. Required : Prepare any journal entries required for this item under each of the perpetual and periodic inventory methods for the last month. Be sure to include journal entries for the following transactions/balances, as necessary : a) Purchases (2 marks) b) Sales revenue (1 marks) c) Cost of goods sold and ending inventory (2.5 marks)