Question 3 Wario Widgets uses a perpetual inventory system and it uses the FIFO (First-In, First- Out) costing method. It entered into the following purchases and sales transactions for March Activities Units Acquired at Units Sold at Retail Date Cost Price Opening inventory 400 units at RM100/unit Mar 1 Mar 5 Purchases 300 units at RM150/unit Mar 10 Sales 600 units at RM500/unit Mar 15 Purchases 400 units at RM180/unit Mar 20 Sales 400 units at RM500/unit Mar 25 Purchases 200 units at RM180/unit 100 units at RM170/unit Required: Apply the FIFO costing method to compute the gross profit, the cost of goods purchased, cost of goods sold, and inventory balance for each transaction Prepare your answers using the format below. Cost of Goods Sold Inventory Balance Goods Purchased RM RM/ unit Units RM/ unit Units RM/ unit RM RM Units Date 1-Mar (20 marks)