Question 2 A company had the following transactions for the year ending 31 December 2015. BOUGHT SOLD May 01 12 units @ $5 each Aug 21 15 units @ $8 each June 06 8 units @ $6.25 each Nov 05 17 units @ $9 each Oct 12 15 units @ $7.00 each A. From the information above, calculate the closing stock using the perpetual method for: i.. FIFO (5 marks) ii. LIFO (5 marks) iii. AVCO (5 marks) Prepare the Trading Account for the year ending 31 December 2015 using FIFO, LIFO and AVCO, showing clearly the Cost of Sales and the Gross Profit. (8 marks) B. C. Briefly comment on the differnces in Gross Profit for the FIFO and LIFO methods. (2 marks)