Q4: The statement of income of Bottom, a manufacturing company, for the year ending 31 January 20X2 is as follows: Revenue 75,000 (38,000) Cost of sales 37,000 Gross profit (9,000) Other operating expenses 28,000 Profit from operation s Investment income (4,000)/ Finance cost 24,000/ Profit before tax (7,000) Income tax expense 17,000 Net profit for the period Bottom has used the LIFO method of inventory valuation but the directors wish to assess the implications of using the FIFO method. Relevant details of the inventories of Bottom are as follows: Date Inventory valuation under: LIFO FIFO ,000 $ 9,500 1 February 20X1 9,300 10,200 31 January 20X2 Required: Redraft the statement of income of Bottom using the FIFO method of inventory change would need to be recognized in the published financial valuation statements, if and explain implemented. how the