The following information has been extracted from the records of Steven's Stationery about one of its popular products. Steven's Stationery uses the perpetual inventory system. Ignore GST. No. of units Unit cost 2020 Jan. 1- Beginning balance 900 e :7.00$ 6 Purchases 400 $7.05 Feb. 14+ Sales @ $12 per unit 1 000 Mar. 18 Purchases 1 020 $7.354 May 21 Sales @ $12.10 per unit 700 June 24 Purchases 8 400- $7.50 1 780 Aug. 27+ Sales @ $13.25 per unit Sept. 30- Sales @ $13.50 per unit Oct. 6 Purchases 3 500 e 500 e 8.00$ Dec. 114 Sales @ $15.00 per unit 3 100 e Required: (a) Calculate the cost of inventory on hand at 31 December 2020 and the cost of sales for the year ended 31 December 2020, assuming: - i, the FIFO cost flow assumption ii. the moving average cost flow assumption (round average unit costs to the nearest cent, and total cost amounts to the nearest dollar). (b) Prepare a comparative income statement to gross profit for the year ended 31 December 2020, assuming: i, the FIFO cost flow assumption ii. the moving average cost flow assumption ,a) i) FIFO Cost assumption: perpetual. ] Balance Product - FIFO Methode Purchases Sales Date Particular Unit Unit Total Unit Unit cost cost 1/12 Balance Total cost >cost Unit Unit Total cost cost 900 $7.00 $63000 ] ] ] ] ( 7 ( ( 1 [ 1 ( ( ( ( 7 TOTAL ii. Moving average method: Perpetual. Balance Purchases Sales Date Particulars Units Unit | Total Units Unit 1 Total Unitsi cost - cost cost cost - Unit 1 Total 1 cost cost 1 TOTAL b) i&ii) > Steven's Stationery Income Statement Period ending 31 December 2020 FIFO Moving Average (Jc- Sales Less: Cost of sales GROSS PROFIT ( (Jc t