Question 5 QUESTION A firm has the following transactions with its product R. Year 1 Opening inventory: nil Buys 10 units at $300 per unit Buys 12 units at $250 per unit Sells 8 units at $400 per unit Buys 6 units at $200 per unit Sells 12 units at $400 per unit Year 2 Buys 10 units at $200 per unit Sells 5 units at $400 per unit Buys 12 units at $150 per unit Sells 25 units at $400 per unit Required Using FIFO, calculate the following on an item by item basis for both year 1 and year (1) The closing inventory (ii) The sales (iii) The cost of sales (iv) The gross profit