The following stock-related transactions occurred during the period 1 July to 31 December. Date 25 July Transaction. Purchased 150 units of stock @ 20 each Purchased 225 units of stock @ 28 August 30 each 15 September Sold 305 units of stock @ 45 each 4 October Sold 50 units of stock @ 45 each 10 November Purchased 410 units of stock @ 40 each 23 December Sold 100 units of stock @ 75 each Additional Information: 1. The Balance Sheet as at 1 July was as follows: Bank Capital Account 10,000 10,000 2. Two months' credit is received from suppliers. 3. One month's credit is allowed to customers. 4. Expenses of 1,400 are paid by cheque each month as incurred. 5. The purchase and sale prices referred to above are exclusive of VAT. Purchases are liable to VAT at the rate of 10% and sales are liable to VAT at the rate of 20%. Required: (a) Calculate the value of stock on hand at the end of each month during the period 1 July to 31 December, using the First In, First Out method (FIFO); and (b) Prepare a Trading and Profit and Loss Account and Balance Sheet for the period 1 July to 31 December.