Stevens Ltd is the leading retailer of Gym equipment. The following information occurred during May 2020. Stevens Ltd had an opening inventory balance of $8,400,000.May1 – Returned to the suppliers $80,000 of the opening inventory and received cash.12 – Purchased additional inventory on credit from the supplier for $12,000,000.18 – Sold inventory for $6,000,000 cash (Cost price to Stevens Ltd $2,400,000).19 – Paid the suppliers the account from 12 May.31 – The closing stocktake at year-end revealed an inventory balance of $17,800,000.[Fill in the blank] Part 1A Record the above information for the month of May 2020 in the general journal using the perpetual inventory method. Narrations are not required. Ignore GST. Journal Template: [table] Date | Account Name | Dr ($) | Cr ($) - | - | - | - - | - | - | - - | - | - | - - | - | - | - - | - | - | - - | - | - | - - | - | - | - - | - | - | - - | - | - | - [/table][Fill in the blank] Part 1B Present the Income Statement extract for Stevens Ltd using the periodic inventory method for the month ended 31 May 2020.[Fill in the blank] Part 1C Briefly explain two advantages of the perpetual inventory method for Stevens Ltd.[Fill in the blank]多项填空题