Open Rec Limited ('ORL') uses the perpetual inventory system and the weighted average cost method. Below is ORL's record of inventory purchases and sales for the month of October 20x2. Required: 1 Calculate the sales revenue, cost of goods sold, and gross profit of ORL for October 20x2. (10 marks) 2 Calculate the ending inventory of October 20x2 if ORL used the FIFO costing method instead. (4 marks) 3 Discuss whether the cost of goods sold and ending inventory of October 20x2 would be higher or lower if ORL used the LIFO costing method instead. Briefly explain why. (6 marks)