Harvey Mowers sells a range of mowers. Ignore GST. The following information relates to one particular type of mower (code number 205) sold by the business. Harvey Mowers uses a perpetual inventory system.

Code: 205

		Units	Cost per unit $	Total cost $
April 1	Balance	15	400	6,000
5	Purchased	30	460	13,800
8	Sold	16
14	Purchased	20	500	10,000
27	Sold	25

Required:

1. Now that we have adopted the perpetual inventory system, we no longer need to conduct a costly and time-consuming stocktake. Discuss.
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.