Abby Jones is a sole trader who operates a variety store. Trading started on July 1, 2021. The following transactions in a certain product occurred during the month. July 1 Purchased 20 units @ $4 each 3 Purchased 30 units @ $5 each 5 Sold 25 units @ $7 each 6 Purchased 60 units @ $5.50 each 7 Sold 40 units @ $8 each 8 Sold 30 units @ $8.20 each Required:

(a) Calculate using the FIFO valuation method, the value of the closing inventory at the end of the month

(b) Calculate the gross profit made on the units sold as at July 31, 2022.