1 ? The following information relates to ABC Ltd. Revenue for 2012 amounted to $564 000 (2011-$315000) Purchases of inventory for the two years were as follows: 2012 - $303 000 2011 - $182 500 Operating expenses were : 2012 $100 000 2011 $78 000 Profit before tax at the end of 2012 was $27 500. No dividends had been paid in the last few years. Taking into account the above information, the directors decided to change the basis for valuing inventories to weighted average cost as it will result in a more appropriate presentation of events/transaction in the financial state- ments of the company. O A summary of the closing inventories is provided below: 2009 ($) 2010 ($) 2011 ($) 2012 () On the first in, first out method 18 000 19 500 27 000 48 000 On the weighted average cost method 19 000 22 900 34 800 51 000 Required Prepare the statement of comprehensive income for ABC Ltd for tear ended 31 December 2012. applying the new inventory valuation met