Question 4 Needs Grading Following transactions occurred in Delta Company Date Activities Unit Sold Jan.1 Jan. 10 Jan. 22 Beginning inventory Purchases Sales Units purchases acquired at cost price 20 units @ 12 30 units @ 13 25 units @ 20 Required: a. Calculate closing inventory on 31st January using FIFO b. Calculate cost of goods sold on using FIFO. c. Differentiate between accrual basis and cash basis of accounting and determine which method is in complies with GAAP