Could you please help me to answer these questions! Thank you very much!

6 MARKS Question Three Inventory 1. If closing stock for the year ended 31 March 2016 were undervalued by $5,000 what would be the effect on cost of goods sold and gross profit for the year ending 31 March 2016 and the year ending 31 March 2017 assuming all other values are correct. (2 marks) 2. Inventories have to be measured at "the lower of cost and net realisablo value". Explain briefly what this means. (2 marks) 3. Assume that at the 31st March 2016 Tim has two lines of fashion clothing, included in his total inventory, and the following information is available: Inventory item Cost Estimated Selling price per selling price costs it per unit per unit Quantity Pink shirts Purple shirts 250 150 40 30 27 64 2 4 State the total inventory value to be applied to each inventory item as at 31 March 2016, under the "the lower of cost and net realisable value" rule. (2 marks)