2 Dynamic plc is an oil trader. On 1st March 2020, Dynamic plc held 1,000 litres of oil (cost per litre of 7.20) in its inventory, for a total inventory cost of 7,200. Dynamic plc had the following purchases and sales of oil during March 2020: Purchases: March 10th 600 litres @ March 16th 800 litres @ March 23rd 600 litres @ 7.25 per unit Sales: March 5th 400 litres 7.30 per unit March 14th 700 litres 7.35 per unit March 20th 500 litres March 26th 700 litres Required: Assuming FIFO and a periodic inventory system, and showing all calculation workings, calculate: a) The value of Dynamic plc's oil inventory at March 31st 2020. (8 marks) b) Dynamic plc's cost of sales for the month of March 2020. (8 marks)