QUESTION ONE At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of K750 per unit. Over the next three months, the company made the following purchases. Date Quantity Unit cost K 6 July 5 770 4 800 5 August 1 September 14 September 8 850 6 880 During that period, there were sales of 35 units, generating a total sales revenue of K38,500. REQUIRED: a) Prepare the stores ledger card for the materials in stock that records all material movements using: (i) FIFO method [5 marks] (ii) LIFO method [5 marks] b) Based on the work done in (a) above, determine the cost of sales and profit for three months to 30 September using FIFO and also based on LIFO. [5marks) c) Compare the reported profit of the company in (b) above over the three months to 30 September based on the two methods (FIFO and LIFO) and comment on the results. [5 marks] [Total 20 marks]