Case Study: SolarTech Ltd Background: SolarTech Ltd is a start-up company specializing in the production of solar-powered chargers. The company launched its business activities on 1 January 20X6 and you are helping prepare the financial statements for its first year of operations ending 31 December 20X6. Inventory Information: No opening inventory at the start of the year. Purchases during the year: o 2,000 units at $12 each in March o 1,500 units at $14 each in July o 1,000 units at $15 each in October On 31 December 20X6, 1,200 units remained in stock. The company uses the FIFO method for inventory valuation. Non-Current Assets: Manufacturing equipment purchased on 1 January 20X6: $90,000 Estimated useful life: 6 years Residual value: $6,000 Computers purchased on 1 July 20X6: $6,000 Useful life: 3 years, no residual value Depreciation is charged on a straight-line basis monthly. Additional Information: Sales revenue: $210,000 Total purchases of inventory: as above Administrative salaries: $40,000 Selling and distribution expenses: $17,000 Utilities and insurance: $9,000 Required: 1. Calculate the closing inventory value using FIFO. 2. Calculate depreciation for both non-current assets. 3. Prepare the Income Statement for the year ended 31 December 20X6. 4. Prepare the Statement of Financial Position as at 31 December 20X6