Question 4 Naxos Ltd's opening inventory balance at 1 March 2022 was 24 units of solar cell pack valued at a cost of $190.00 each. The company's storekeeper has prepared the following records: Date Received Purchase price Date Issued Selling Price Units Per Unit ($) Units Per Unit ($) Mar Mar 2 33 208.00 5 30 585.00 9 28 225.00 17 24 610.00 25 25 242.00 29 26 625.00 The company incurred the following expenses during the month of March 2022: $ Salaries 6,150 Rental 5,200 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 March 2022 using the First-in First-out Method (FIFO). (10 marks) (c) State the quantity and total value of the inventory available on hand as at 25 March 2022. (2 marks) (d) Prepare the Income Statement for Naxos Ltd to determine the profit or loss achieved for the month of March 2022