QUESTION THIRTEEN Katwa Mutale is a general trader engaged in selling second hand vehicles. Mutale normally buys his cars online from Trade Cars for Zed, collects them from the border when they arrive and parks them in his yard for client viewing. On 1 November 2019, Mutale had three (3) Corollas in the yard. These were valued at K11 400 each. During November 2019, 12 more Corollas were delivered as follows: Date Cars Received Purchase Cot/Car 10 November 20 November 25 November 444 K11 875 4 K13 300 4 K14 250 Corollas sold during November were as follows: Date Cars Sold Sales Price / Car 14 November 5 K19 000 21 November 5 K19 000 28 November 1 K19 000 Required Calculate the gross profit from selling the cars in November 2019, applying following principles of inventory valuation: (i) First In First Out (FIFO) (6 marks) (ii) Last In First Out (LIFO) (6 marks) (iii) Weighted Average (AVCO) (8 marks)