Question Two In your own view why do you think a business should be conducted as a partnership, rather than: (a) As a sole trader (Smarks) (b) As a limited liability company (4mark) Section B answer only one question from this section Question three On 1 November 2009, Kimberly's Dresses Co held 3 pink satin dresses with orange sashes, designed by Willian Swags. These were valued at K120 each. During November 2009, 12 more of the dresses were delivered as follows. Date Units received Purchase cost per dress 10 November 4 K125 20 November 4 K140 25 November K150 A number of the pink satin dresses with orange sashes were sold during November as follows. Date Dresses sold Sales price per dress 14 November 5 K200 21 November 5 K200 28 November K200 Required 1 Calculate the gross profit (sales - Copening inventory + purchases closing inventory)) from selling the pink satin dresses with orange sashes in November 2009, applying the following principles of inventory valuation. (a) FIFO (5marks) (b) LIFO (5marks) (c) AVCO (10 marks)