Mr Peter started his business QN3 Shirts on the 1^st day of August 2022. Initially, Mr peter decided that he would be selling only one type of shirt. Mr Peter is using the FIFO and perpetual inventory control system since he thinks that this system is the most suitable for this type of item. Table 1 below presents the inventory and sales record for QN3 Limited.

Table 1. Inventory and Sales Record for QN3 Limited
Date	Purchase Price Unit (A$)	Units Purchased	Selling price per unit (A$)	Unit Sold	Units on hand
1	11	750			750
11	12	450			1 200
13			15	150	1 050
18	14	300			1 350
22			15	900	450
26	13	750			1 200
29			17	350	850
30	15	100			950

Required:

Based on the above information, calculate for the month ended on the 31^st day of August 2022:

Cost of goods sold (COGS) (3 marks)

Cost of closing inventory (2 marks)

The gross profit (2 marks)