Sun Solar Ltd manufactures and sells a portable folding solar panel blanket for use in caravans and camping. Inventory balances at 1 July 2023 totalled 900 units at a cost of \($250\) and sold at \($450\) per unit. Since the solar panel blanket was showcased on ‘What’s up Downunder’ in March and has been heavily promoted in store at BCF franchises, sales have increased substantially. Higher production levels have also led to incremental costs in producing the product. Sun Solar Ltd has absorbed the increase in cost of the solar panel blanket as long as possible but are forced to increase the selling price to \($495\) from 1 January 2024. Ignore GST.

The following table summarises the quarterly production and sales of the solar panel blanket for the year ending 30 June 2024.

Required

(a) Prepare the perpetual inventory record to record the movements of solar panel blankets using the FIFO cost basis for the year ending 30 June 2024.

(b) Calculate the gross profit earned from the sale of solar panel blankets for the year.

(c) Calculate the gross profit ratio achieved for the solar panel blankets for the year ending 30 June 2024.

(d) Determine the final inventory value of solar panel blankets on hand at 30 June 2024.

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Financial Year 2023 2024 Solar Panel Blankets Produced: Cost per Date Units Unit Total Sept. 30 1440 250 $ 360 000 Dec. 31 2 160 255 550 800 Mar. 31 2 520 260 655 200 Jun. 30 2 880 265 763 200 Solar Panel Blankets Sold: Date Units Sept. 30 1 350 Dec. 31 1 710 Mar. 31 2 160 Jun. 30 2 700