Following transactions occurred in Delta Company Date Activities Jan.1 Jan. 10 Jan. 22 Beginning inventory Purchases Units purchases/ acquired at cost price 20 units @15 Unit Sold 30 units @16 Sales 25 units @22 Required: a. Calculate the amount of closing inventory on 31st January using Average method of inventory valuation b. Calculate cost of goods sold by using Average method of inventory valuation c. Differentiate between accrual basis and cash basis of accounting and determine which method is in complies with IFRS. Needs Grading