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Molly Enterprise provided the inventory movements for the full year 2021 : Required: (a) Using the following methods calculate the closing inventory value as at 31 December 2021 . (Round your answers to 2 decimal points. Eg: 3.127=3.13 ) (i) First in, First out method (FIFO) (7 marks) (ii) Moving Average method (MAVG) (6 marks) (iii) Last in, First out method (LIFO) (6-marks) (b) Describe, but do not calculate, how LIFO and FIFO affect the cost of goods sold and the valuation of closing stock: (i) when purchase prices are rising (3 marks) (ii) when purchase prices are falling. (3 marks) Note: Show all your relevant working. (Total: 25 marks)