SD D3 Zamzam , has recently set up a business selling cosmetic and beauty products. The transactions for his first month of trading are: 1 May Bought 500 cosmetics at $1.45 each 3 May Sold 250 cosmetics at $2.50 each 7 May Bought 1,000 cosmetics at $1.40 each 14 May Sold 600 cosmetics at $2.60 each 20 May Sold 300 cosmetics at $2.70 each 27 May Bought 1,050 cosmetics at $1.60 each At the end of May, Zamzam asks you to help him to value her closing inventory. She is aware that there are various methods which can be used to value inventory. The most widely accepted methods as per IAS2 are either FIFO or AVCO. She asks you to calculate the value of her closing inventory using both the methods. You are to: (a) Calculate the value closing inventory using FIFO and AVCO. (6 Marks) (b) Calculate the gross profit for the month, using each of the two methods. (4 Marks)