Lakeside Trading Ltd uses a Periodic Inventory System. The beginning inventory of Item# XP023 and information about purchases and sales made during March are shown below: Mar. 1 3 8 14 19 22 27 31 Opening Inventory Purchases Sales Purchases Sales Sales Purchases Sales 2500 1800 2 200 4 500 3 200 1900 2 100 900 Selling price of XP023 is $37.50 per unit (Ignore GST). Closing inventory on hand at March 31 is 2,700 units. Operating expenses for the month were $69,500 Required: units units units units units units units units (B) $18.00 19.50 20.00 21.00 1. Using the FIFO method, calculate the cost of March 31 closing inventory and the cost of sales. 2. Prepare an income statement for Lakeside Trading Ltd for March.