Inventory system Perpetual

w Le Croissant is an online retailer of high-end ceramic kitchen ware and uses the perpetual inventory system under the First-ln-First-Out cost assumption to maintain its inventory records. The following transactions relate to one of its inventory items for the month of December 20x9: 1 December Balance of 230 units at $45 each 5 December Bought 120 units at $47 each 9 December Sold 250 units at $90 each 15 December Sold 50 units at $99 each 30 December Bought 200 units at $50 each Reguired: (a) Prepare a stock card for the month of December 20X9 using the following format. Show clearly the total amounts of Cost of Goods Sold and Ending Inventory. Date In Out Bala Unit Total Unit Total Un Qty Cost Costs gm Cost Costs Qty Cc ($) ($) ($) ($) ($) (b) A stocktake was conducted on 31 December 20x9 and upon inspection, all the units in the ending stock were found to be chipped and could only be sold for $30 per unit. (i) Given the above scenario, state and briey explain an accounting principle that is relevant in determining the valuation of inventory for Le Croissant. (ii) Calculate the value of ending stock as at 31 December 20x9 based on the accounting principle stated in part (b) (i)