Norman Accessories Limited (NAL) had the following inventory transactions for the reporting period ending 31 March 2020: Number of Unit Price Cost ($) Units Opening inventory at 1 April 2019 Purchases on 1 July 2019 Purchases on 15 October 2019 Purchases on 1 February 2020 Total 2,000 6,000 8,000 4,000 20,000 @ $5 @ $6 @ $8 @$10 10,000 36,000 64,000 40,000 150,000 During the year, NAL sold 15,000 units, and had 5,000 units on hand at the end of the reporting period. The company uses a periodic inventory system to record inventory. Required: (a) Calculate the cost of sales and closing inventory amounts for the year ending 31 March 2020 using: i) The first in first out (FIFO) method; ii) The weighted average method. (4 marks) (3 marks) (b) If NAL's objective is to maximise profit, which inventory costing method calculated above would achieve this objective? Explain your answer. (2 marks) (c) Assume NAL uses the FIFO method to measure its inventory as at 31 March 2020. On 31 March 2020, NAL estimated selling price per unit as follows: Estimated selling price of units purchases on 15 October 2019 = $7.00 Estimated selling price of units purchases on 1 February 2020 = $9.50 Compute the value of inventories to be shown in the Statement of Financial position as at 31 March 2020 and prepare any adjusting journal entries if required. Show workings and Give reasons for your answer. Round all amounts to the nearest dollar. (6 marks)