CessPool Supplies Ltd manufactures and sells CessPools for use in suburban and light industrial areas of Adelaide. Over the past year, the cost of manufacturing the CessPools has gradually risen and the company has been required to increase inventory levels to meet expected demand in the new year, which has been forecast to bring better-than-average rainfall. At 1 July 2019, the company had 40 CessPools on hand, which had cost $200 each to make. The selling price of each CessPool remained at $400 in 2019 but was raised to $470 in 2020. Ignore GST.

During the year ended 30 June 2020, details of CessPools completed and sold are as follows.

Required

1. Prepare the perpetual inventory record for CessPools for the year based on FIFO. (8m)
2. What value is placed on the inventory of CessPools at 30 June 2020? (1/2 m)
3. What value is placed on the cost of sales of CessPools at 30 June 2020? (1/2 m)
4. How much gross profit has been generated for the year from the sale of CessPools? (3 m)

NOTE: Please use the format of following table.

		Finished goods			Sales			Balance
Date	Explanation	Units	Unit Cost	Total Cost	Units	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
	Beginning balance
	Closing Balance

Cess Pools Manufactured Cess Pools Sold 2019 Aug. Oct. 31 31 45 at $220 each 55 at $240 each 50 65 2020 Jan. May 2019 Sept. 30 Nov. 30 2020 Feb. 28 June 30 31 31 65 at $270 each 85 at $300 each 75 70