7W Damai Events and Management maintains its stock by using a perpetual inventory system. The following records relate to the store transactions for the month of June 2016 Date 1 5 7 11 14 Details Purchases Purchases Issued Purchases Issued Amounts(units) 2000 units @ RM 12.00 each 1,500 units @ RM 11.50 each 2,000 units 3,700 units @ RM 12.50 each 1,500 units (a) Calculate the closing stocks for the year when it is valued on basis using i First in First Out (FIFO) (8 marks) ii. Last in First Out (LIFO) (8 marks) (b) Recommend which method you would advise the company to use and give reasons why (4 marks)