Harry P started business as a coffee importer on 1 January 2020. Purchases of coffee were made by her as follows: Tonnes Price per tonne 1 January 30 700 20 February 20 750 31 March 40 820 10 April 25 880 HD ...11 NO 7% 10:08 30 May 35 900 15 June 10 1,050 120 tonnes were sold on 28 June 2020, the net proceeds being 132,000. Please calculate purchases for the period and closing inventory at 30 June (on each of two bases). Enter your answers in the boxes provided. Purchases Value of closing inventory: On a FIFO basis K 11 O 31 :: NO 7% 10:08 1.10 What would be the profit for Harry P if the FIFO method was applied? A 35,700 B 36,700 C 37,700 D 38,700 B A K 11 O 31