Question 4 Tulip Limited sells beautiful sustainable floral bouquets for all occasions. It currently uses the First In, First Out (FIFO) method to value its inventory. At 1 May 2022 it had 17 bouquets at a cost of $23 each. During May 2022, the following transactions took place: 3 May Sold 12 bouquets for $50 each 5 May Purchased flowers for 15 bouquets at $20 each 10 May Purchased flowers for 10 bouquets at $18 each 15 May Sold 24 bouquets for $60 each 22 May Purchased flowers for 15 bouquets at $16 each 27 May Sold 18 bouquets for $50 each Required: a) Define how IAS 2 Inventories expects inventory to be measured and explain why inventory is valued in this way. [4 marks] b) Calculate the value of Tulip Limited's closing inventory as at the 31 May 2022 applying the FIFO method. [6 marks] c) Calculate the gross profit for Tulip Limited for the year ended 31 May 2022. [5 marks] [Total 15 marks]