The following information was extracted from the trial balance of Rip Wave Accessories Pty Ltd on 30 June 2008 prior to the stock take: Rip Wave Accessories Pty Ltd Trial Balance (extract) as at 30 June 2008 Account name DR CR Trading inventory 55,190 Details from the stock cards before the physical count on 30 June 2008 revealed: Stock item Quantity on hand (Units) Unit cost Total cost Wax -AO 1,300 $10 $13,000 Ankle Straps 1,650 $11 $18,150 Echo T- Shirts 120 $12 $1,440 Knee Pads 700 $18 $12,600 Board Ropes 500 $20 $10,000 $55,190 The stock sheets from the physical count on 30 June 2008 detailed the following quantities on hand: Stock item Quantity on hand (Units) Wax - AO 1,225 Ankle Straps 1,610 Echo T Shirts 120 Knee Pads 780 Board Ropes 519 A further qualitative review of inventory identified that all trading inventory items would be sold for prices above their cost with the following exceptions: