A business commenced on 1st January and purchases are made as follows: Month No. of Units Unit Price Value 1st Jan 380 2.00 760 1st Feb 400 2.50 1000 2nd Feb 200 700 1st Mar 350 2.50 875 27th Mar 300 1000 1st April 420 2.75 1155 1st May 430 3.00 1290 4th May 300 1200 1st June 440 3.25 1430 30th June 400 1500 1. Calculate the closing inventory and cost per unit using both fifo and avco .2 prepare the income statement and balance sheet under fifo and avco method.