The following information applies to Gioia Ltd for the year ended 31 May 2022. Gas bills Gas bills are paid quarterly in arrears on 31 January, 30 April, 31 July and 31 October each year. The last four bills paid have been 1,650, 1,800, 2,100 and 2,450 and the next bill due on 31 July 2022 is expected to be 2,700. Receivables At 31 May 2022, receivables are 696,000. At 1 June 2021, a provision of 48,000 was made, including two specific provisions of 6,600 from BD Ltd and 2,900 from PIF Ltd. By 31 May 2022, PIF Ltd has repaid the debt in full. During the year, BD Ltd has gone bankrupt. A bankruptcy dividend of 1,200 has been received but no more will be recovered from BD Ltd's debt. Another debt of 1,100 from NS Ltd has become irrecoverable during the year. JK Ltd have said that they are experiencing financial trouble and do not know when they will be able to repay their debt of 8,200. At 31 May 2022, the collective provision for Gioa Ltd should be 5% of receivables. Inventory Information about the value of closing inventory at 31 May 2022 is given below. (NRV= net realisable value): NRV per Product Unit Cost per unit () unit () AB 1,800 17 18 CD 2,600 10 22 EF 1,750 16 10 GH 350 12 11 In addition, some finished goods inventory was received on 31 May 2022 but had not been included in closing inventory value because the invoice was not received until 10 June 2022. The value of these goods was 12,500. Opening inventory and purchases were 100,000 and 900,000 respectively. 3 REQUIRED: (i) Prepare extracts from the statement of profit and loss for the year ended 31 May 2022 and the statement of financial position as at that date using the information provided above. You do not need to calculate the cash balance. Show all your workings and use appropriate headings. 16 marks (ii) Discuss how you have calculated the value of closing inventory, including any relevant accounting concepts and rules. 4 marks