7. The following units of a particular item of Sejahtera Enterprise were available for sale during fiscal year 2018: Beginning inventory Sale First purchase Sale Second purchase Sale 150 units at RM75 120 units at RM125 400 units at RM78 200 units at RM125 300 units at RM80 290 units at RM125 There are 240 units of the item on hand at the end of fiscal year 2018. Required: (a) Determine, for fiscal year 2018, the total cost of the ending inventory and cost of goods sold under each of the inventory valuation method: FIFO, LIFO, and average cost method, if the firm applies: (i) Perpetual inventory system (ii) Periodic inventory system (b) Which inventory system provides the more effective means of controlling inventories? Briefly explain. (c) Assuming Sejahtera Enterprise use perpetual inventory system and FIFO inventory valuation method, can the business change its method of inventory valuation for its next business fiscal year? Explain