Question #05: (06 Marks) Ahmed Ltd. Sells the aircrafts and have the following transactions during the first quarter of the year: 5th January Balance 2100 @ $21.5 15th January Purchase 2850 @ $31 2nd February Purchase 3600 @ $26 25th February Purchase 2700 @ $30 20th March Purchase 3000 @ $22 Sales for the period was 10000 units with the description of 7000 @ 45; 2000 @ 50 and 1000 @ 47 Required: Calculate the value for closing stock and gross profit assuming (periodic system) (a) FIFO is used (b) LIFO is used (c) AVCO (Average) is used