On 1st January Mr. Gabriel started a small business buying and selling a special yarn. He invested his savings of N40,000 in the business and, during the next six month, the following transactions occurred: Yarn Purchases Yarn Sales Date of Quantity Total Cost Date of Quantity Total Value Receipt Boxes N Dispatch Boxes N 13 January 200 7,200 10 February 500 25,000 8 February 400 15,200 11 March 600 24,000 20 April 600 27,000 12 April 400 14,000 15 June 500 14,000 25 June 400 15,200 The yarn is stored in premises Mr. Gabriel has rented and the closing stock of yarn, counted on 30 June, was 500 boxes. Other expenses insured, and paid in cash, during the six month period amounted to N2,300. Required: (a) Calculate the value of the material issues during the six month period and the value of closing stock at the end of June using the following methods of pricing: (i) First in, first out (ii) Last in, last out and (iii) Weighted average (calculate to two decimal places only). (b) Calculate and discuss the effect each of the three methods of materials pricing will have on the reported profit of the business and examine the performance of the business during the first six month period.