The following financial information belongs to Chloe Manufacturing Company for the year ended December 31, 2021

The following financial information belongs to Chloe Manufacturing Company for the year ended December 31, 2021. Inventory at the beginning of quarter 1: 500 units at $25 per unit. The company uses a Periodic/ Physical Inventory System. Quarter Units Purchased 300 400 Purchase Cost per Unit $30 35 1 Selling Price per Unit $50 52 56 Units Sold 300 300 300 300 2 3 400 300 36 37 4 60 REQUIRED: 1) Calculate value of inventory at 31 December 2021 using: a) First-in-First-Out. b) Last-in-First-Out. c) Weighted Average. (9 Marks) 2) Prepare an extract income statement of the business for the year ended 31 December 2021, to determine the gross profit under all inventory valuation methods in required (1).