please show all the workings and steps. on 22nd march we sold 45 not 450. it is a mistake in question so yes we have 45

4.17 Allocating cost (FIFO), reporting gross profit and applying the NRV rule *** LO3, 4, 5, 6, 7 Zixingche Ltd wholesales bicycles. It uses the perpetual method and allocates cost to inventories using the first-in, first- out formula. The company's reporting period ends on 31 March. At 1 March 2023, inventories on hand consisted of 175 bicycles at $164 each and 22 bicycles at $170 each. During the month ended 31 March 2023, the following inventories transactions took place (all purchase and sales transactions are on credit). March 1 Sold 100 bicycles for $240 each. 3 Five bicycles were returned by a customer. They had originally cost $164 each and were sold for $240 each. 9 Purchased 85 bicycles at $182 each. 10 Purchased 52 bicycles at $192 each. 15 Sold 75 bicycles for $270 each. 17 Returned one damaged bicycle to the supplier. This bicycle had been purchased on 9 March. 22 Sold 450 bicycles for $250 each. 26 Purchased 68 bicycles at $196 each. 29 Two bicycles, sold on 22 March, were returned by a customer. The bicycles were badly damaged so it was decided to write them off. They had originally cost $182 each. Required 1. Calculate the cost of inventories on hand at 31 March 2023 and the cost of sales for the month of March. 2. Show the inventories general ledger control account (in T-format) as it would appear at31 March 2023. 3. Calculate the gross profit on sales for the month of March 2023. 4. AASB 102/IAS 2 requires inventories to be measured at the lower of cost and net realisable value. Identify three reasons why the net realisable value of the bicycles on hand at 31 March 2023 may be below their cost. 5. If the net realisable value is below cost, what action shouldZixingche Ltd take