Question 1 (a) Christmas Company Limited (CCL) is a merchandising company based in Hong Kong. The following are movements of inventory of CCL in the first quarter of 2020: Unit Cost per unit Beginning inventory, January 1 3,000 $5.00 Purchase, January 4 5,000 5.10 Purchase, January 23 6,000 5.15 Sales, January 28 (12,000) 6.00 Purchase, February 14 8,000 5.25 Sales, February 20 (7,000) 6.00 Purchase, March 7 4,000 4.95 Sales, March 12 (5,000) 6.15 Purchase, March 21 5,000 5.10 Sales, March 25 (4,000) 6.15