Question 1 Abdul commenced business as a sole trader in January 2018 as a textile merchant. The following are the details of "lace purchased and sold in January 2018 Jan 4* Purchased 100 bundles @ N1,000 each Jan 5 Purchased 150 bundles @ N1,100 each Jan 8 Sold 80 bundles @ N1,800 each Jan 13 Sold 90 bundles @ N1,850 each Jan 20 Purchased 70 bundles @ N1,200 each Jan 22nd Sold 50 bundles @ N1,950 each Jan 25" Sold 60 bundles @ N1,800 each Jan 28" Purchased 90 bundles @ N1,250 each Jan 31" Sold 50 bundles @ N1,900 each Using any method of valuation, you are required to ascertain the value of closing inventory at 31 Jan 2018 and prepare the statement of profit or loss for the month