FILE TOOLS VIEW Document1 - Microsoft Word Inventory Valuation and Control All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the "DieHard" brand at a total cost of $168,200. The following transactions, relating to the "DieHard" brand were completed during the quarter. October 5 October 14 October 22 November 10 November 12 Purchased 15 batteries at a cost of $17,020 each. Sold 18 batteries at $22,250 per battery Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown's Auto Detailing at a price of $23,990 each. Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor's warehouse to their location. November 27 November 30 December 2 December 15 December 30 December 31 Sold 23 batteries which yielded total sales revenue of $576,840. (8 of these batteries were sold on account to Middletown Fuel & Auto Accessories a longstanding customer) A customer, to whom 5 batteries were sold at the end of the business day on November 27, returned 2 units, as they were of the "Duralast" brand. In preparation for the festive season, All Things purchased 25 batteries at a total cost of $474,500. 5 of the batteries purchased on December 2 were returned to the supplier, as the poles were either corroded or otherwise badly damaged. Sold 22 batteries to two customers (Omega Traders & Middleton Auto Accessories) at a selling price of $26,950 each. An actual count of inventory was carried out which revealed that there were 9 units of the "DieHard" brand in the warehouse. All purchases were on account and received on the dates stated. Show ALL supporting workings where necessary and state any assumption(s) made. SCREENS 1-2 OF 5 + + 140%