Your assignment submission must in either Word or Excel and uploaded one file only) to the assignment drop-box before 11:59pm on Frdaiy March 12 This assignment may be done individually or in pairs. If you are working in pairs then only one copy of the assignment needs to be submitted. Please indicated both student names and student numbers in the file name. Question 1 The Department of Roads and Highways for a large Canadian province has several depots throughout the province where they store rock-salt. The rock-salt is used during the winter. At April 1, they had an inventory of 2.000 tons worth $800.000 The fiscal year starts on April 1 and ends on the following March 31. The following are transactions affecting inventory during the fiscal year: Summer: Purchased 40.000 tons at $300/ton Fall: Purchased 50,000 tons at $350/ton Months of December and January: used 62,000 tons February 1: purchased 40.000 tons at $505/ton Month of February: used 20,000 tons February 27: purchased 5,000 tons at $610/ton February 28: helped a large city by giving them 10,000 tons for $8.2 million Month of March: used 38,000 tons Required: 1. Calculate the value of rock-salt used during the year and the value of the rock salt in the remaining inventory at March 31 based on: FIFO Weighted average - Periodic Weighted average - Perpetual 2. Which method of inventory valuation do you recommend they use? Explain your response