QUESTION 3-(20 marks) The inventory records of GAP shoe store revealed the following of one of its most popular types of shoes for March 2013. Date Description Quantity March 1 Opening inventory March 9 Purchase #1 March 12 Sale #1 March 18 Purchase #2 March 24 Sale #2 Required Units Unit Cost 400 $10 600 $12 (700) 900 $15 (260) a) Calculate the dollar amount of ending inventory and cost of goods sold under each of the following cost flow assumptions: i) Moving-average cost, perpetual inventory (5 marks) ii) FIFO, periodic inventory (4 marks) iii) Weighted-average cost, periodic inventory iv) LIFO, perpetual inventory (3 marks) (4 marks) b) Briefly explain the concept of "lower of cost and net realizable value". (4 marks)