2 QUESTION 1 (A) Algood Ltd is a company in the UK that sells a range of footwear through the internet. On 1 October 2018, Algood Ltd had 12 items of inventory at a unit cost of 10.50. Algood then made the following purchases and sales during a three-month period to 31 December 2018: Purchases: Date Quantity Total cost 17 22-Oct 15-Nov 25-Dec Unit cost 12.50 13.20 15.40 21 32 70 212.50 277.20 492.80 982.50 Sales: Date 13-Oct 01-Nov 22-Nov 27-Dec Quantity Unit selling price Total cost 9 15.20 136.80 11 17.80 195.80 22 19.10 420.20 25 23.70 592.50 67 1,345.30 Required: Based upon the available information, calculate the closing inventory valuation at 31 December 2018 using: (a) Continuous weighted average cost (b) First in, first out (FIFO) (15 marks)