Task 2: Periodic Inventory Systems Ace Enterprises, a client of ABAFS, use a periodic inventory system. The following transactions relate to one of their inventory items: Table 3 Tramsaction list Date Description Amount 01/07/22 | Opening balance 430 units at 511.00 per unit 07/07/22 | Sold to C. Baker 320 units 13/07/22 | Purchased (M. Collins) 175 units at$12.50 per unit 31/07/22 | Closing inventory 175 units Amounts above exclude GST, howewver, G5T is applicable when preparing journal entries. Round the journal entries to the nearest dollar. Task 2.4 Ace Enterprises Closing Inventory - FIFO periodic Workings for valuation of closing inventory - FIFO Quantity Unit Price Total Purchase 175 125 I | Total 175 12.5 ' Ending Inventory using FIFO method is 2187.5 \f