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 FFO 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. Required: Based on the above information, calculate for the month ended on the 31st day of August 2022: - Cost of goods sold (COGS) ( 3 marks) - Cost of closing inventory (2 marks) - The gross profit