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Question Digital Wireless sells a variety of mobile telephones. The business began the last quarter of 2012 (October 1 to December 31) with 25 units of the "Samsung E2530" model at a total cost of $152,500. The following transactions, relating to the Samsung model, took place during the quarter. October 10 100 telephones were purchased at a cost of $5,945 each but additionally there were freight charges and customs import duty totalling $405 on each unit. October 31 During the month 90 telephones were sold at a unit selling price of $8,255. November 1 A new batch of 60 telephones was purchased on account at a total cost of $408,000 November 14 5 of the telephones purchased on November 1 were found to be defective and returned to the supplier November 30 The sales for November were 50 telephones which yielded total sales revenue of $430,000. December 2 John Tavares, a customer to whom 10 telephones were sold at the close of business on November 30th, returned 4 of the instruments, as he had purchased an incorrect quantity. December 8 Owing to increased demand for this model, a further 110 telephones were purchased at a cost of $7,500 each but these were subject to a trade discount of 5% on each unit. December 31 122 telephones were sold during December at a unit selling price of $9,200. December 31 A physical stock count on that date revealed that there were 25 units of the "Samsung E2530" model in the store room. All purchases were received on the dates stated and Digital Wireless uses the FIFO method to account for inventory.
Required: i) Prepare a perpetual inventory record for Digital Wireless, to determine the value of ending inventory at December 31st, 2012, and the total amount to be assigned to cost of goods sold for the period.
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