10. MajuMakmur Sdn Bhd is involved in supplying frozen fishes. The information given was for the month of May 2020. On 1 May, the company had a stock of 500 kilograms of fish worth RM1,500. MajuMakmur Sdn Bhd uses perpetual inventory system. The following were transactions carried out by the company until 31 May 2020: Date 2 May 5 May 15 May 22 May 26 May 29 May Transaction Sold Purchased Purchased Sold Purchased return Sold Quantity 300 kg 600 kg 800 kg 1200 kg 50 kg 300 kg Total RM2,500 RM1,600 RM1,950 RM4,200 RM2,500 Required: a) Calculate the value of ending inventory using the: i) First-In First-Out (FIFO); ii) Weighted Average Cost Methods. b) Determine the gross profit of Majumakmur Sdn Bhd for the month ended 31 May 2020 using: i) FIFO and ii) Weighted Average Cost Methods c) Discuss the differences in inventory value (in a) and gross profit (in b) betwen i) FIFO and ii) Weighted Average Cost Methods. d) Assuming that all sales and purchase are in credit and the company uses FIFO inventory system, journalize transactions on 22 May and 26 May. e) How would your answer in (d) above differ if Majumakmur Sdn Bhd uses periodic inventory system, instead of perpetual inventory system