Beta Ltd is a diversified entity whose reporting date is 31 December. The entity uses the perpetual inventory system and the following information, relating to the acquisition of trading inventory, is available for the financial year ending at 31 December 2014. Quantity of trading inventory purchased during October to December 2014 was as follows: Date October November December Require: Quantity 120 80 150 Unit price (R) 16 18 19 3.1 Calculate the value of closing stock using: 3.2 a) First in first out (FIFO) Method b) Weighted Average Method Determine the gross profit using both methods above if 250 units were sold at R25 each in December 2014. Opening inventory on 1 December was composed of 100 items value at R15 each Notes: Clearly show all your workings