3.25 LO6 The following table summarises the inventory movements of a particular product for the year under the perpetual inventory recording system.

Opening balance 100 @ $1 1st quarter 2nd quarter 3rd quarter 4th quarter Purchases 60 @ 1.10 40 @ 1.20 80 @ 1.40 100 @ 1.70 Sales 80 @ 2.10 70 @ 2.20 60 @ 2.30 120 @ 2.40 Closing stock count 47 units

(a) Calculate inventory shortage.