REQUIRED: Calculate the value of closing inventory as at 31 December 2019 and gross profit for the year ended 31 December 2019 using the First in First Out (FIFO) method. Use the format of the Statement of Comprehensive Income to present your answer. INFORMATION: Electro Limited a supplier of computer accessories, inventory records are presented in the table below: Closing inventory of 80 units at R200 each on 31 December 2018 90 units at R210 were purchased on 30 March 2019 80 units at R220 were purchased on 30 July 2019 20 units at R230 were purchased on 30 September 2019 During the year (Jan-Dec 2019) 240 units were sold at R320 each 22 REQUIRED: 2.2.1 Calculate the incremental profit/loss after tax. 2.2.2 Determine the incremental return on sales if these new customers are accepted. 2.2.3 Briefly explain any 3 methods to collect overdue accounts INFORMATION: Redbat Stores is considering extending credit to some customers who may be at risk of defaulting in payment. Sales will increase by R500 000 if credit is granted to these customers. From the new accounts receivable generated, 10% is expected to be uncollectable. Additional collection costs will be 4% of sales, and the production and selling costs will be 60% of sales. The company is subject to tax at 28%