Fashion Company began February, 2020 with 41 coats that cost $350 cach, applied perpetual inventory system. During the February, the company completed the following inventory transactions: Date Description Quantity (units) Unit cost Unit Selling price 3 Purchase 7 Sale $510 Purchase 12 Sale 63 $520 25 Purchase 27 Sale 42 $550 28 Ending inventory 46 9 .... 45 Required: 1. Fill the dot (.....) with a reasonable amount for given transactions above. (0.5 marks) 2. Calculate (1) cost of inventory, (ii) cost of sale, (iii) gross profit if FIFO method is used. (0.5 marks) 3. If cost of inventory decreases, which method (FIFO, LIFO, average) do you prefer? Why? (0.5 marks)