QUESTION 2 (30 marks) Kerry is a retailer that buys and sells T-shirts. The following information relates to the month ended 30 June 2020. Date No. of T-shirts Cost per T-shirt 1 June 200 R80 Opening inventory Cash purchase 5 June 60 R100 10 June Purchase return (10) (R100) 14 June Sales (100) 20 June Credit Purchase 35 R90 25 June Sales (120) As at 30 June 2020, there were 65 T-shirts on hand REQUIRED: 2.1) Determine the cost of closing inventory, assuming that the business uses the FIFO cost allocation method and the periodic recording system. (4 marks) 2.2) Prepare the cost of sales and inventory accounts in the general ledger for the month ended 30 June 2020 by using the FIFO cost allocation method, assuming the periodic recording system was used Adjusting and closing entries should be included Dates can be excluded (12 marks) 2.3) Using the information for the month ended 30 June 2020 given above, prepare a moving weighted average cost for the transactions as well as the total cost of the