One of the products sold by Walters Ltd is rugby league kicking tees. During the year ended 30 June 2020, the company had the following inventory transactions:

uses the perpetual inventory system to manage its inventory

Calculate the total cost of sales and total cost of ending inventory using the First-in, first-out (FIFO) inventory cost-flow method.

Identify 2 advantages and 1 disadvantage of using the perpetual inventory system.

Transactions Number of Cost per units unit $ Opening inventory at 1 July 125 12 2019 Purchases on 31 October 320 14 2019 Purchases on 3 February 468 17 2020 Purchases on 23 April 2020 225 19Date Number of units sold Selling price per unit 22 October 87 25 19 January 210 26 15 March 365 28 12 June 206 31