Question 4 (10 marks) Mr Peter is using a perpetual inventory system since the information on inventory quantity and availability is updated on a continuous/real-time basis under this system. The business of Mr Peter is comparatively new, and he decided to sell only one type of shirt. Further, Mr Peter uses the FIFO cost flow assumption to manage the inventory. Table 1 below presents the inventory and sales record for Mr Peter for February 203. 24 \begin{tabular}{ll} 567 & 17 \\ \hline \end{tabular} a) Cost of goods sold (COGS) [6 Marks] ANSWER a): b) Cost of closing inventory [2 Marks] ANSWER b): c) The gross profit [2 Marks]