Question 1: The following are the transactions of purchasing and sales of product "Z" 1. On January 5, purchased 400 units at price of $5 each. 2. On January 7, purchased 500 at price of S8 each. 3. On January 9, purchased 600 units at price of $10 cach. 4. On January sold 700 units. Required: Determine the cost of goods sold, balance in units, and balance in value using FIFO method (5 Marks) In (purchases) OUT (sales) Balance (Store Room) Q Value Value P Value Cost of Balance Balance goods in units in value sold per unit cost Question 2: From below data, compute the value of inventory using lower of cost or market value method. (5 Marks) Item Units Cost Replacement Total Total Lower cost per unit replacement of cost cost or market A value 100 5 B 300 2 350 7 4 400 5 9 E 500 8 Total DO OAM DAN