Annexure H: Formative Assessment 2 [16 Marks] Question 3 You have recently been appointed as the cost manager at Coptext Stationaries. Coptext buys and sells a standard type of diary. The details for the year ended 30 June 2022 are as follow: 1 July 2021 Opening inventory of 1 404 diaries at R93.60 each. 31 July 2021 Purchased 468 diaries at 150 each. 30 April 2022 Purchased 585 diaries at R 144 each. During the financial year ended 30 June 2022, 600 diaries were sold at R140.40 each. Required: a) Calculate the value of the closing stock by using the FIFO method. (6 Marks) b) Calculate the gross profit by using the weighted average method. Use the below format. (10 Marks)