Question 3 Orient Ltd's opening inventory balance at 1 June 2022 was 58 units of GPS chips valued at $17.80 each. The company's storekeeper has prepared the following records: Date Received Purchase price Date Units Per Unit ($) Issued Units Selling Price Per Unit ($) June June 3 62 17.40 4 68 8 54 17.25 10 48 88 61.50 59.00 26 52 16.65 28 56 57.20 The company incurred the following expenses during the month of June 2022: Salaries Rental $ 2,240 3,100 Required: (a) Explain the principle behind the first-in first-out method. (3 marks) (b) Prepare the stock record card to record the stock movement for the month of June 2022 using the First-in First-out Method (FIFO). (10 marks) (c) State the quantity and value of the stock available on hand as at 26 June 2022. (2 marks) (d) Prepare the Income Statement for Orient Ltd to determine the profit or loss based on the First- in First-out Method (FIFO). (5 marks)