Inventory (2 x $20)40GST Paid4(Returned 2 calculators - credit given)12 Sept.Accounts Receivable (26 x $33)858Sales780GST Collected78Cost of Sales (26 x $20)520Inventory520(Sold 26 calculators)14 Sept.Sales Returns and Allowances30GST Collected3Accounts Receivable33Inventory20Cost of Sales20(1 calculator was returned into stock)20 Sept.Accounts Receivable (30 x $33)990Sales900GST Collected90Cost of Sales [(5 x $20) + (25 x $20)] *600Inventory600(Sold 30 calculators to Mega Ltd)*Note: Better Office Supplies uses the FIFO inventory cost flow assumption, which meansthat inventory purchased earlier will be sold first. On 1st September, Better OfficeSupplies had 30 calculators on stock @ $20 each. The first 26 calculators were soldto Reader Book Store on 12th September, so there were only 4 calculators left @$20. But 1 Calculator was returned from Reader Book Store on 14 September. Sowhen Better Office Supplies sold 30 calculators to Mega Ltd on 20th September, 5calculators from old stock @ $20 each were sold first, and the remaining 25calculators were taken from the new stock purchased on 6th September also @ $20each.