E3 214 AaBbCcD AaBbCI AaBbcc AaBbcc AaBb Ccb AaBbCcD 1 Caption 1 Normal 1 No Spac... Heading 2 Heading 5 Heading 8 Styles Paragraph ease sign in as so we can verify your subscription. Sign In Question 3 - Accounting for inventory (25 marks) Harvey Mowers sells a range of mowers. Ignore GST. The following information relates to one particular type of mower (code number 735) sold by the business. Harvey Mowers uses a perpetual inventory system. Code: 735 Cost per unit $ 400 460 Total cost $ 6,000 21,300 April 1 5 8 14 27 Units 15 45 38 17 29 Balance Purchased Sold Purchased Sold 430 7,310 Required: 1) Determine the unit cost of the mowers sold in April using FIFO method. 2) Complete the inventory card provided. Calculate the total cost of mowers in stock and the total cost of mowers sold in April using the FIFO method. Inventory card Units Cost per Code number: 205 Balance Units Cost per Total unit $ cost $ 15 400 6,000 Total cost $ unit $ April 1 5 Balance Purchased 45 460 21,300 ew E ALI AaBbCcD AaBbCcI AaBbcc AaBbCc AaBbCD AaBbCcD 1 Caption 1 Normal 1 No Spac... Heading 2 Heading 5 Heading 8 v Styles Paragraph gn in as so we can verify your subscription Sign In Inventory card Units Cost per Total cost $ Code number: 205 Balance Units Cost per Total unit $ cost $ 15 400 6,000 unit $ April 1 5 Balance Purchased 45 460 21,300 8 Sold 23 14 Purchased 17 430 7,310 27 Sold 293 3) Record journal entries regarding purchases of inventory and cost of sales in April 4) Explain the impact of applying FIFO on the reports of a retail business