QUESTION 2: There are 19 marks allocated to this question. Ena Muddle is having a hard time keeping track of all the different meals Shortcuts to Food sells to its clients. She has been doing some research and found that stock cards can be helpful way to manage inventory. Ena has asked you to create a stock card for their Ready to Heat and Eat pasta meal packets so she can see how this would work and provided the following information for November. November 1 Opening Balance 40 Ready to Heat and Eat pasta meal packets which cost $360 November 2 Purchased 200 Ready to Heat and Eat pasta meal packets for $12 each November 3 Sold 30 Ready to Heat and Eat pasta meal packets to The Local Community Centre" for $20 each November 4 Sold 70 Ready to Heat and Eat pasta meal packets to Public School Camps for $20 each November 6 Purchased 60 Ready to Heat and Eat pasta meal packets for $14 each November 8 Sold 10 Ready to Heat and Eat pasta meal packets for $20 each to Daz Jonners After conducting a physical stocktake on November 11, Ena has informed you there are currently 180 Ready to Heat and Eat pasta meal packets in Shortcuts to Food's storeroom. REQUIRED: 1. Using the information above complete the proforma stock card provided for the month of November using the Weighted Average method of valuation. [9 marks] Al has been looking at what Ena has asked you to do and found it all a little bit too hard. He's always just used periodic system and done all his calculations at the end of the year. He's also pointed out that FIFO would be a much better system as they are selling food and that he's never experienced a stock loss in all his years of recording inventory. Al has asked you to recalculate the results his way so he's not so confused. REQUIRED: 2. Create an income statement extract showing the gross profit using the periodic system with a FIFO method of valuation. (Make sure your answers are clearly labelled. Round any decimals to 2 places) [6 marks] 3. Respond to Al's comment that FIFO is a better alternative when selling food and explain if he is correct that stock losses to not occur in a periodic system. [4 marks] Date Quantity In Unit Cost Quantity Total Cost Out Unit Cost Total Cost Quantity Balance Unit Cost Total Cost Balance