Question 3 [22 Marks] You have recently been appointed as the inventory manager at Kathy's Cookies. Kathy's Cookies buys and sells cookies. The following transactions occurred in the month of September: 3rd of September 900 cookies purchased at R3 each 7th of September Sold 350 cookies at R5 each 9th of September Sold 400 cookies at R5 each 15th of September 1 200 cookies purchased at R3.30 each 23th of September Sold 600 cookies at R5.50 each Sold 300 cookies at R5.50 each 28th of September Because cookies are a perishable product and go off easily, Kathy's Cookies uses the First in, first out (FIFO) method to value their inventory. Other information Opening inventory (1 September): 150 Cookies purchased at R2.95 each Required a) Calculate the value of the closing stock. (8 Marks) b) Calculate the gross profit by using the First in, First Out method. (14 Marks) Use the below table format Sales Cost of Sales Opening stock Purchases Closing Stock Gross profit Calculation R