b. Ahmed started a business on 1st January 2014 selling printers. He bought 210 printers at a cost of $40 each at the beginning of his accounting year. On May 1st2017 he bought a further 300 printers, but the cost had risen by this stage from $40 to $55. At the accounting year end on 31st December 2017 , Ahmed had 120 printers in inventory. He sold the others during the year for $60 each. (Perpetual inventories are maintained). Required: 1. Calculate the value of Ahmed's inventory on 31st December 2017 using: a. FIFO b. AVCO 2. Calculate the gross profit earned by the business under each method? [Marks: (10+10+6)=26 ]