Soakwell Supplies Ltd manufactures and sells soakwells for use in suburban and light industrial areas of Perth. Over the past year, the cost of manufacturing the soakwells has gradually risen and the company has been required to increase inventory levels to meet expected demand in the new year, which has been forecast to bring better-than-average rainfall. At 1 July 2015, the company had 40 soakwells on hand, which had cost $200 each to make. The selling price of each soakwell remained at $400 in 2015 but was raised to $470 in 2016. Ignore GST.

During the year ended 30 June 2016, details of soakwells completed and sold are as follows:

Soakwells manufactured:
2015 Aug. Oct.	31 31		45 at $220 each 55 at $240 each
2016 Jan. May	31 31		65 at $270 each 85 at $300 each
Soakwells sold:
2015 Sept. Nov.	30 30		50 65
2016 Feb. June	28 30		75 70

Required

A. Prepare the perpetual inventory record for soakwells for the year on the basis of FIFO.

B. How much gross profit has been generated for the year from the sale of soakwells?

C. What is the gross profit ratio achieved by the company in the year ended 30 June 2016?

D. What value is placed on the inventory of soakwells at 30 June 2016?