2. Proper inventory control requires that you monitor both the amount and value of items in your inventory. Valuing, or establishing a dollar value for an inventory item, is performed using the following item inventory value formula. An item's actual value can often be more complicated to determine than its amount. This is because the price you pay for an item may vary slightly each time you buy it. a) Design your own inventory valuation sheet. (8 Marks) b) By using the above answer (a), calculate the total inventory value on the information given below. $25.00/gallon 2-oz creamer packets 2.5 cases Organic honey 2.00 gallon $20.00/case Soda bicarbonate Mint leaves (fresh) 1.5 cans $12.00/can 1.5 crates $22.00/crate Sugar packet 1.5 boxes $15.00/box Cauliflower 3 cases $13.00/case (9 Marks) White vinegar 1.5 bottles $18.00/bottle Avocado 2.5 cases $35.00/case c) Why in the hospitality industry, first-in-first-out (FIFO) is the more commonly used for inventory valuation method? Explain you answer. (3 Marks) (Total: 20 Marks)