Shoes Stores sells shoes and applies perpetual inventory system. The information on its ineventories was provided as follows: Selling price Quantity (units) 35 Unit cost $36 .... .... 70 $42 Date Description 01/05/2020 Opening inventory 09/05/2020 Purchase 12/05/2020 Sale 18/05/2020 Purchase 23/05/2020 Sale 26/05/2020 Purchase 30/05/2020 Sale 31/05/2020 Ending inventory .... 80 $44 .... $46 90 45 a Required: 1. Fill the dot (.....) with a reasonable amount for given transactions above. (0.5 marks) 2. Calculate (i) cost of inventory, (ii) cost of sale, (iii) gross profit if FIFO method is used. (0.5 marks) 3. If cost of inventory decreases, which method (FIFO, LIFO, average) do you prefer? Why? (0.5 marks)