Question 3 (7 marks) Mr Peter started his business QN3 Shirts on the 1st day of August 2022. Initially, Mr peter decided that he would be selling only one type of shirt. Mr Peter is using the FIFO and perpetual inventory control system since he thinks that this system is the most suitable for this type of item. Table 1 below presents the inventory and sales record for QN3 Limited. Table 1. Inventory and Sales Record for QN3 Limited Date Purchase Price Unit (A$) Units Purchased Selling price per unit (A$) Unit Sold Units on hand 1 11 750 750 11 12 450 1 200 13 15 150 1 050 18 14 300 1 350 22 15 900 450 26 13 750 1 200 29 17 350 850 30 15 100 950 Required: Based on the above information, calculate for the month ended on the 31st day of August 2022: i. Cost of goods sold (COGS) (3 marks) ii. Cost of closing inventory (2 marks) iii. The gross profit (2 marks)