1. The following is an extract from one of Mervin Limited's inventory accounts: Month Purchases (units) Cost per unit Sales (units) January 800 65 February 700 75 March 900 May 500 85 June 350 Required: (a) Calculate the value of cost of sales and closing inventory for the company at the end of June using following inventory costing method: (i) First-in-First-Out (FIFO) (ii) Last-in-First-Out (LIFO) (iii) Average Cost (AVCO) (12 Marks) (b) Why is LIFO is prohibited under IFRS? (3 marks) (Total 15 marks)