Question 5 (7 marks) QN3 Limited applies the perpetual inventory system to control its inventory. The company has an opening inventory of 80 000 units that were purchased at the rate of A$ 5.00 each. During the year, QN3 Limited purchased 680 000 units at the rate of A$ 5.00 each. During this year, QN3 Limited sold 692 000 units at the rate of A$ 11.00. At the end of the year, the company has a closing inventory of 56 000 units at the rate of A$ 5.00 each. Using this data, calculate the followings: Calculate the cost of goods sold expenses for the year. [3 Marks] Calculate the cost of goods sold expenses for the year, assuming that the company has been using the periodic inventory method. [4 Marks]