QUESTION 2 (30 marks) BGS is a retailer buying and selling leather handbags. The following information relates to the month ended 31 August 2021. Date 1 Aug Opening inventory 5 Aug Credit purchase 8 Aug Purchase retur 25 Aug Credit purchase No. of units Cost per unit 45 R80.24 75 R88.50 8 R88.50 38 R82.60 On 31 August 2022, 88 units on hand. The net realisable value of these items was R82 60 Additional Information The only sale during the month of August 2022 was a sale of 62 units on 15 August 2022 Required; a) (3 marks) Determine the cost of closing inventory on the FIFO cost allocation method. b) (7 marks) Prepare the cost of sales and inventory accounts in the General Ledger the month ended 31 August 2022, using the FIFO cost allocation method, assuming the periodic recording system was used. (Adjust and closing entries should be included) (10 marks) Prepare the cost of sales and inventory accounts in the General Ledger for the month ended 31 August 2022, using the FIFO cost allocation method, assuming the perpetual recording system was used (Adust and closing entries should be included