Arthur Little has the following inventory purchases and sales Purchases March 700 units @ $20 per unit October 250 units @ $ 22 per unit Sales December: 850 units @ $ 35 per unit Required a-Calculate the Sales, Cost of Goods Sold, Ending Inventory and Gross Profit for the year using the below valuation method under the perpetual method: 1. The FIFO method 2. The AVCO method 3. The LIFO Method (7 marks) (7 marks) (7 Marks) b. Inventory is valued at the lower of historical cost and net realizable value. Explain the net realizable Value. (4 marks)