Ahmed started a business on 1st January 2018 selling printers. He bought 120 printers at a cost of $40 each at the beginning of his accounting year. On May 1st2018 he bought a further 160 printers, but the cost had risen by this stage from $40 to $55. At the accounting year end on 31st December 2018 , Ahmed had 70 printers in inventory. He sold the others during the year for $65 each. Required: 1. Calculate the value of Ahmed's inventory on 31st December 2018 using: a. FIFO b. LIFO 2. Calculate the gross profit earned by the business under each method