Question 3 (11 marks) (Note this question is from the Week 7 Tutorial) The following information has been extracted from the records of Kakadu Ltd, which sells special camping tents. The company uses the perpetual inventory system to record stock. Its monthly reporting date is 31 May. Kakadu Ltd uses the FIFO Method. Date 1/05 6/05 16/05 17/05 29/05 30/05 Transaction Beginning balance Purchases (850/unit) Sold @1700/unit Purchases Sold @ 1500/unit Sales Return from 29/03 Sales Quantity 6 4 8 6 2 1 $ Unit cost 720 600 ? 650 ? ? Required: a) Ignoring GST and narrations, create and complete the inventory stock record shown above for transactions during the month of May. b) Calculate the cost of inventory on hand as at 31 May and the cost of sales as at 31 May