As a trainee accountant, you have been asked to determine the monetary value that should be assigned to the inventory of sporting equipment on hand as at the end of the financial year for Outdoors Adventures Ltd. You are currently looking at the inventory level of a training shoe that is very popular. The number of pairs of shoes on hand at the start of the accounting period was 400 and these had a monetary value $ 40,000 assigned in them. During the year, a further 2,500 pairs of the training shoe were purchased and, at the end of the year, stock take revealed that there were 150 pairs unsold. The purchases were made throughout the year. Five hundred pairs of shoes were purchased at a unit price of $ 112, a further 900 pairs of shoes at a unit price of $ 130, a further 300 pairs at a price $ 122. and a further 800 pairs at a price $ 128. 1000 units sold on first sales to be sold at $ 150 per unit, second sales on 1,000 units at $ 160 per unit and third sales on 750 units at $ 170 per unit. Note: The inventory system was used periodical method. Required: a. Determine the cost assigned to the inventory of training shoes using [1] FIFO and [2] Average Method and give your explanation! (10 points) b. Calculate gross profit of the sales of training shoes and give your explanation! (10 points) c. Based on answer above, analyze which method you should choose between FIFO or Average Method, why? give your answer! (5 points)