The followiny data for December 2019 illustrates various methods of inventory valuation Inventory Data: Item December 2019 Total (R) 100 330 240 390 Purchases units Per unit (R) 01 December 2019 purchases 100 1.00 08 December 2019 300 1.10 15 December 2019 200 1.20 22 December 2019 300 1.30 29 December 2019 100 Total 1000 Sales 16 December 2019: 300 units Sales 31 December 2019: 300 units On hand 31 December 2019:400 units Required: Calculate inventory on hand using FIFO method 1.40 140 1200 QUESTION TWO 30 MARKS) Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets With reference to the IAS 16,FIC 1 and IAS 20 which includes the amendments to November 2010, provide a broader and detailed student understanding with regards to the above mentioned description of property, plants and equipment