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) 5.00 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 Required: (i) Assume that the company uses a periodic inventory system and counts inventory at the end of each month. Compute the amount of cost of goods sold for the quarter ending March 31 and the cost of inventory on March 31, using each of the following cost flow assumptions: 1. FIFO 2. LIFO 3. Average cost Round off average unit cost figures to 2 decimal places. (ii) Assume that the company uses a perpetual inventory system instead of the periodic system in (i), how would your answers using FIFO and LIFO assumptions be different? Explain with calculations if necessary. (iii) Show the journal entries for purchases and sales in March under FIFO and LIFO assumptions using the perpetual inventory system. All purchases and sales were made on credit