Question 1: Inventory cost assignment (17 marks) Green Plus Ltd has the following information that relates to the entity's inventory record in the month of April. April Units Unit cost Total cost 1 Beginning inventory 300 $ 3.00 $ 900 12 Purchases 600 2.80 1 680 24 Purchases 700 2.70 1 890 1 600 $ 4 470 16 Sales 300 29 Sales 600 Green Plus Ltd uses the perpetual inventory system. Selling price for each unit is $4.00. A physical inventory count on 30 April showed that 600 units were on hand. Ignore GST. Required 1. Calculate the cost of sales using the following methods: i. FIFO ii. LIFO (4 marks) 2. Calculate gross profit for the month of April based on each of the two methods used in requirement 1. (4 marks) 3. Based on your results in requirement 2, state which cost flow method resulted in the highest gross profit. Discuss your answer - why does this costing method lead to the highest gross profit? (3 marks) 4. If Green Plus used the periodic inventory system instead, discuss whether cost of sales would be the same as in requirement 1 under FIFO. (3 marks) 5. If Green Plus used the periodic inventory system instead, discuss whether cost of sales would be the same as in requirement 1 under LIFO