A (COMPULSORY) Bangau-Bangau Berhad commences business on 1 January buying and selling pianos. The company sells two standard types, upright and grand, and the transactions for the year are given in the table below: Upright Grand Buy Sell Buy Sell 1 January 4 at RM4,000 each 2 at RM6,000 each 31 March 1 at RM6,000 each 30 April 1 at RM7,000 each 30 June 1 at RM6,000 each 1 at RM10,000 each 31 July 2 at RM3,000 each 1 at RM8,000 each 30 September 3 at RM5,000 each 2 at RM11,000 each 30 November 1 at RM2.500 each 1 at RM9,000 each. You observe that the cost to Bangau-Bangau Berhad of the pianos is changed in April, July and November and will not change again until January of the following year. Required: (a) Prepare a statement showing gross profit and closing inventory valuation separately for each type of piano, under the following assumptions: (i) FIFO (First-In, First-Out) (9 marks) (ii) Weighted average (9 marks) (b) At a time of rising prices (i.e using grand pianos as an example), explain on the usefulness of each of the methods. (2 marks)