Short-Answer Question (20 marks) 1. Tool City, Inc. had 300 cordless screwdrivers on hand at January 1, 2018 costing S45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows: Sales Purchases Date 200 @ S75 January 9 January 14 January 23 January 25 January 30 100 @ $47 75 @ S76 100 @ $48 75 @ S77 Tool City does not maintain perpetual inventory records. Based on a physical count, 150 cordless screwdrivers were on hand at January 31, 2018. Required: a. What is the cost of the inventory at January 31, 2018 under the LIFO method? (5 marks) b. What is the cost of the inventory at January 31, 2018 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count? Based on the data given, what is the most likely explanation for the fact that only 145 cordless screwdrivers were actually counted