QUESTION 1(20 Marks)1.1 REQUIRED Use the information given below to calculate the following: 1.1.1 Economic order quantity (4 marks)1.1.2 The number of orders to be placed annually based on the economic order quantity (2 marks)1.1.3 The total ordering costs and total carrying costs. (7 marks) INFORMATION The monthly sales of a product sold by Solo Limited are 3750 units at R14 per unit. The product is purchased at cost plus 40%. The carrying cost of inventory amounts to 10% of the unit purchase price. The ordering cost is R100 per order. 1.2 REQUIRED Use the format of the statement of comprehensive income (which includes opening and closing inventories) to calculate the gross profit for the month ended 31 October 2024.(7 marks) INFORMATION You are provided with the inventory record of Electro Traders, which sells microwaves, for the month ended 31 October 2024. The business uses the specific identification method to value inventories. Inventory record of microwaves for the month ended 31 October 2024 Model Purchase price Inventory on 01 October Purchases Sales Units Units Units Price Samsung R2500100500400 R3000 Defy R180050700500 R2200 Hisense R140080400380 R180023016001280