QUESTION $2(30$ Marks$)$Gabex is a retailer buying and selling leather handbags. The following information relates to the month ended $29$ February $2024.$On $29$ Feb $2024,88$ units were on hand. The net realisable value of these items was R$82\mathrm{.}60$ per unit.Additional Information: The only sale during the month of Feb $2024$ was a sale of $62$ units on $15$ Feb $2024.$Required;a$)(3$ marks$)$Determine the cost of closing inventory on the FIFO cost allocation method.$(7$ marks$)$Prepare the cost of sales and inventory accounts in the General Ledger for the month ended $29$ Feb $2024,$ using the FIFO cost allocation method, assuming the periodic recording system was used. $($Adjusting and closing entries should be included$)(10$ marks$)$Prepare the cost of sales and inventory accounts in the General Ledger for the month ended $30$ Feb $2024,$ using the FIFO cost allocation method, assuming the perpetual recording system was used. $($Adjusting and closing entries should be included$)5$HFAC$130-1-$JanJun$2024-$FA$1-$GC$-$V$\mathrm{.}2-07022024$d$)(10$ marks$)$Prepare the cost of sales and inventory accounts in the General Ledger for the month ended $29$ Feb $2024,$ using the weighted average cost allocation method, assuming the perpetual recording system was used. $($Adjusting and closing entries should be included$)$Round off answers to the nearest rand.