The following information relates to the inventory of a bookseller in the records of ABC Books Ltd.

Using a perpetual system and the FIFO method, determine the cost of the year-end inventory and the cost of sales. (Ignore GST)

		Units	Price
Jul-01	Beginning Inventory	20	15
Aug. 14	Purchased	50	14
Sept. 25	Sold	40	?
Mar-03	Purchased	45	15
Apr-13	Sold	60	?

Note: Complete the format made available and then show the total cost of sales and cost of closing inventory separately at the end of the question.