Q4. Strings for You commences business on 1 January buying and selling musical instruments. It sells two standard types, violas and cellos, and the transactions for the year are as set out in the table below. All price are in . Violas Buy Sell Cellos Buy Sell 1 January 2 at 400 2 at 600 31 March 1 at 600 30 April 1 at 350 1 at 700 30 June 1 at 600 1 at 1,000 31 July 30 September 2 at 300 1 at 800 3 at 500 2 at 1,100 You are aware that the cost to Strings for You of the instruments is changed on 1 April, 1 July and 1 October, but will not change again until 1 January following. a) Prepare a statement showing gross profit and closing inventory valuation, separately for each type of instrument, under each of the following assumptions. (i) FIFO; (ii) LIFO; 1 January buy 2 at 30 1 February buy 3 at 40 1 March sell 1 at 60