Debit Credit Sales 40000 Purchases 185002 5100 13002 Wages and Salaries Repairs and Maintenance Heating and Lighting General Expenses 900 12002 Insurance 8002 Cash at Bank 22002 Cash in Hand 1300 Trade Receivables 4100 Trade Payables 34002 Premises 30000 Fixtures and Fittings 10000 14 Motor Vehicle 8000 52000 Capital at 1 January Drawaings Totale 120002 95400 954002 The following additional information is available Inventory at 31 December 2020 was valued at 4500 Required Prepare Income Statement for the Year Ended 31 December 20204 Prepare balance sheet as at 31st December 2020- Q No 5. Solve the following equation by FIFO, LIFO and Average Method. H ---- Find value to the inventory by FIFO, LIFO and Average Methods. Opening Inventory.is 8-Units-at-Rate of 10-at start of December and during the year the following were the purchases and sales of inventory: Purchases Sales 2/12> 6 units @ 12 1 15/12 4 units @ 22 22/12 6 units @ 16 15/12 14 units @ 254