A business has bought and sold identical items of inventory during 2016 as follows: 1/7/16 Balance 1 000 units @ N$10 each 3/7/16 Bought 1000 units @ N$16 each 5/7/16 Sold 1 200 units @ N$20 each Required: 1. Determine the average price of closing inventory on the 3 July 2016 using the Weighted Average Cost (WACO) method of inventory valuation. (3) 2. Determine the value of closing inventory 5 July 2016 using the (WACO) method of inventory valuation. (3) 3. Determine the value of closing inventory 5 July 2016 using the First in, First out (FIFO) cost method. (3)