Q1. Inventory (14 marks) Cardinals Pty Ltd uses the periodic inventory method and had the following inventory information available for January, 2021: Date 01-Jan-21 15-Jan-21 25-Jan-21 28-Jan-21 Note Beginning inventory Purchase Purchase Purchase 15 units at $4.2 per unit 60 units at $5.0 per unit 30 units at $6.5 per unit 45 units at $8.0 per unit During the month, the firm recorded $1,620 sales revenue. A physical count of inventory on 31 December revealed that there were 15 units on hand. (A) Calculate the value of cost of sales for January 2021 under FIFO, LIFO, weighted average, respectively. (6 marks) (B) Calculate the value of gross profit for January 2021 under FIFO, LIFO, weighted average, respectively. (6 marks) (C) Which cost flow methods result in the highest gross profit on sales? Briefly explain your results. (2 marks)