Id (Bod 14 B I A.. - Unit: FNSACC405 Maintain Inventory Records Question 5 POI Pty. Led. purchases comic books from publishers and resells them to customers. The company has a perpetual inventory system and assigns the cost of goods sold on a FIFO basis. The company has the following records for the financial year 2016/17: All figures exclude GST. Inventory on hand 1 July 2016 1200 units @ $20 per unit Purchases made during the financial year: 10/7/16 600 units @ $15 per unit 12/9/16 200 units @ $23 per unit 22/12/16 1400 units @ $16 per unit 3/2/17 400 units @ $14 per unit 5/5/17 100 units @ $22 per unit Sales made during the financial year: 15/7/16 1000 units sold $55,000 account receivable 20/10/16 900 units sold $50,500 cash receipt 1/1/17 1400 units sold $61,600 cash receipt 3/4/17 200 units sold $11,000 account receivable Stocktake on 30 June 2017 20 units damages and written off Required: Using the templates below: 5a(i) Calculate the Cost of Goods Sold 5a(ii) Calculate the closing balance of inventory using the FIFO method. 5b. Calculate the average inventory. 5c. Calculate the inventory turnover ratio