You are working for the temporary accounting employment agency known as Accountants. Today you have been asked to work at High Jewellery, a small jewellery store that operates in inner city Sydney and is owned by Alexia Smith. Your task here is to provide advice about the firm’s inventory system. The following information relates to the transactions of one type of sapphire necklace (product no. N1234) for the month of April 2021:

			Unit	Unit Cost	Total Cost
April	1	Inventory on hand	70	$290.00	$20,300.00
	5	Sales @$500	42
	8	Purchase	56	$300.00	$16,800.00
	12	Sales returns	7
	17	Purchase	70	$310.00	$21,700.00
	22	Sales @$510	84

Required:

a) Assuming Periodic Inventory System with FIFO cost flow method is used by High Jewellery. A physical count shows the ending inventory for the sapphire necklace is 74 units at the end of of April. Calculate the ending inventory and cost of sales for April 2021

b) Assuming Perpetual Inventory System with FIFO cost flow method is used, prepare an inventory card and determine the ending inventory and cost of sales for the month.