Motor Spares ("MS") is a company located in Tsumeb that sells various types of motor vehicle spares. One of its flagship product is a gasket that is mostly used by pickup trucks (bakkies). The gaskets are purchased from a local manufacturer situated in Walvis Bay. The following information has been made available by the procurement and sales departments: Units purchased Quarter 2020 1 2 3 4 300 400 400 300 1 400 Cost per unit 30 35 36 37 Total purchases (N$) 9 000 14.000 2.1 Using the FIFO method, calculate the cost of goods sold 2.2 Using the LIFO method, calculate the cost of goods sold 2.3 14 400 11 100 48 500 Units sold 300 300 Inventory at the beginning of 1st quarter was 500 units at N$29 per unit and Inventory at end of 4th quarter was 700 units. Based on inventory reports for the last 5 years, the delivery period for gaskets has been between 1 to 2 weeks and on average MS sales were between 200 to 300 gaskets per quarter. REQUIRED: What is the gross profit for the year based on FIFO cost of sales figure given a margin of 20%? 2.4 Re-order level 2.5 Minimum inventory level. 2.6 Name any three documents involved in inventory control. TOTAL MARKS 300 300 1 200 MARKS 5 5 2 2332 20