UEL uses the perpetual inventory method and its reporting ending 31 December. Year: 2022 Date 1/1 5/2 19/3 24/3 6/1 Sold @ CHF 12 per unit Purchased Purchase returns Details Opening inventories Purchased Unit number Unit cost (CHF) 800 7 300 7,05 1.000 1.100 7,35 80 7,35 10/4 Sold @ CHF 12,10 per unit 700 22/6 Purchased 8.400 7,5 31/7 Sold @ CHF 13,25 per unit 1.800 4/8 Sales returns @ CHF 13,25 per unit 20 4/9 Sold @ CHF 13,50 per unit 3.500 6/10 Purchased 500 8 27/11 Sold @ CHF 15 per unit 3.100 Requirements: 1. Calculate the cost of inventory on hand at 31/12/2022 and the cost of sales for the year ending 31/12/2022: Assuming with: a/ FIFO cost flow assumption b/ Weighted average cost flow assumption 2. Prepare Income statement up to Gross profit for UEL under: a/ FIFO b/ WAC 3. Do the same requirements for UEL when the company uses the periodic inventory system.