Question 5 (10 marks) You will have the responsibility to become an expert on one inventory method (FIFO) under the perpetual method. Using the following data, you must show and illustrates the relevant concepts and procedures for your inventory method. You must write the illustration in a format that is clear and understandable with all the steps and details. Data: The company uses a perpetual inventory system. It had the following beginning inventory and current year purchases of its product Jan. Beginning inventory 50 units RO, 10-RO.500 Jan. 14 Purchase 150 units @RO. 12 - RO. 1.800 Apr 30 Purchase 200 units @RO. 15 - RO. 3,000 Sept. 26 Purchase 300 units @RO. 20 - RO. 6,000 The company sales were on the following dates at a $35 per unit sales price. Jan. 10 30 units (specific cost: 30 RO. 10) Feb. 15 100 units (specific cost: 100 a RO. 12) Oct. 5 390 units (specific cost: 100 @ RO. 15 and 250 @RO.20) your Concepts and Procedures to Illustrate in answer/illustration i. Identify and compute the costs assign to the units sold. (Round per unit costs to three decimals). (4 Marks) ii. Identify and compute the costs assign to the units in ending inventory. (Round inventory balances to the dollar.) (2 Marks) iii. How likely is it that this inventory costing method will reflect the actual physical flow of goods? Explain. (1.5 Marks) iv. What is the impact of this method comparing to others in determining net income and income taxes? (1 Mark) v. How closely does the ending inventory amount reflect replacement cost (current market cost)? (1.5 Marks)