Question 3 POI Pty. Ltd. 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.

Calculate Cost of Goods Sold using perpetual FIFO method and Closing inventory using perpetual FIFO method

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
20/10/16	900 units sold
1/1/17	1400 units sold
3/4/17	200 units sold
Stocktake on 30 June 2017	20 units damages and written off