ABC dealt in buying and selling grocery items. Below are their five months of purchases and sales transactions: Sold (RM) Purchased (RM) 110 at RM15 each 80 at RM17 each Year 2020 February 13 April 23 July 14 September 25 December 15 125 at RM23 each 155 at RM19 each 213 at RM25 each As a person in charge to evaluate inventory, a) Calculate the closing inventory as at 31 December 2020 using first in first out (FIFO),) and average cost (AVCO) inventory valuation method. (10 marks) b) Calculate gross profit and decide which the best inventory valuation method for ABC. (10 marks) [Total = 20 marks]