The following information was recorded during the month of May by the central warehouse of Laburnum Ltd. The warehouse issues goods to retail outlets owned by the company to allow the retail outlets to meet expected demand from customers. The record represents kitchen units, all of the same type. Date Unit price Received into store units 120 Price paid to issued to retail supplier outlets units 3,600 30 01-May 19-May 60 34 2,040 80 22-May 30-May Total 70 180 5,640 150 Required: (a) Calculate the cost of goods issued to retail stores during May under FIFO, LIFO and Cumulative Weighted Average. (12Marks) (b) Calculate the cost of inventory held in the warehouse at the end of May under FIFO, LIFO and Cumulative Weighted Average. (3 marks) () Using an example explain how we use consistency and prudence concept in valuing inventory. (5 marks) (d) Calculate gross profit using FIFO method. 13 marksl