Surfers Paradise Sofa Private Limited is a hypothetical company that has been operating its business for the last couple of years. Using the perpetual inventory system, the firm prepares its financial statements at the end of each month. The information below related to one specific type of inventory has been extracted from the firms accounting records for August.

Date	Transactions	Quantity	$ Unit cost
May
1	Beginning balance	30	$3 600
5	Sales @ $9 680 per unit	18	To be calculated
10	Purchases	60	$4 080
17	Purchase return (from 10th May purchase)	6	$4 080
20	Sales @ $9 790 per unit	30	To be calculated
30	Sales return (from 20th May sales)	3	To be calculated

Required: a) Based on the above information, prepare an inventory card assuming the First In First Out cost flow

b) Identify the following:

1. The cost of inventory on hand on the last day of the month

2. The cost of sales for the month