3. A business has trade payables of 39,000 as at 31 March 2022. During the year, the following transactions had arisen: . Cash purchases, 20,000 Credit purchases, 165,000 Cash paid to suppliers to settle credit purchases, 153,000 Cash received from credit customers, 205,000 Bad debts, 10,000 a) Calculate the trade payables balance as at 1 April 2021? 2 marks The same business uses FIFO to measure its inventory. An inventory record, extracted from the system shows: 31 March 2021 1,000 units at cost of 30 per unit Page 7 of 9 Purchases during the year Sales during the year 2,000 units at cost of 34 per unit 1,000 units at cost of 33 per unit 1,500 units at cost of 32 per unit 1,000 units at cost of 36 per unit 3,500 units at 60 per unit b) Calculate the inventory value at 31 March 2022 3 marks c) Calculate the gross profit for the year ended 31 March 2022 2 marks Total 7 marks