2) Complete the inventory card provided. Calculate the total cost of mowers in stock and the total cost of mowers sold in April using the FIFO method (10 MARKS). Inventory card Code number: 735 Balance Units Cost per Total Units Cost per Total unit $ cost $ unit $ cost $ April 1 Balance 10 500 5,000 5 Purchased 20 550 11,000 8 Sold 18 14 Purchased 15 450 6,750 27 Sold 16 3) Record journal entries regarding purchases of inventory and cost of sales in April (4 MARKS). Date Accounts Debit Credit 4) Explain the impact of applying FIFO on the reports of a retail business (5 MARKS).Harvey Mowers sells a range of mowers. Ignore GST. The following information relates to one particular type of mower (code number 735) sold by the business. Harvey Mowers uses a perpetual inventory system. Code number: 735 Units Cost per unit $ Total cost $ April 1 Balance 10 500 5,000 5 Purchased 20 550 11,000 8 Sold 18 14 Purchased 15 450 6,750 27 Sold 16 Required: 1) Determine the unit cost of the mowers sold in April using FIFO method (4 MARKS)