A company made the following merchandise purchases and sales during the month of May with the assumption that there was no beginning inventory: Units Sold at Retail Date 1 May 3 May 8 May 12 May Activities Purchased Purchased Sold Purchased 14 May Sold 23 May Purchases 25 May Purchases 31 May Sales Units Acquired at Cost 300 units at RM15/unit 270 units at RM20/unit 300 units at RM24/unit 250 units at RM30/unit 800 units at RM25/unit 500 units at RM55/unit 250 units at RM55/unit 900 units at RM55/unit 4/ Required: a. Compute the value of the inventory as at 31 May 2021 by using the first-in. first out (FIFO) method. (13 marks) b. State the value of purchases, cost of goods sold and sales (2 marks)