B. Flagstaff Sdn Bhd's is a specialize manufacturer located in Puncak Alam and their daily production required the usage of material DMFive. It is the policy of the company to value its inventory of materials on the First-In-First-Out (FIFO) basis. As at 1 December 2015, the record showed that there were 7,100 units of DMFive with a total value of RM41,748. Transactions that took place during December 2015 were as follows: December 2 3 13 15 20 27 30 Required: i. Transactions Sold 5,500 units at RM8.00 each. Received 12,400 units at RM5.48 each. Sold 11,500 units at RM8.00 each. Received 9,200 units at RM6.20 each. Returned 650 defective units to vendor. These units were purchased on 3 December 2015. Sold 9,500 units at RM8.00 each. Physical counting report showed that only 1,500 units left in the store. Prepare a Store Ledger Card for the month of December 2015 using FIFO method. ii. (12 marks) Explain to the management of Flagstaff Sdn Bhd the differences between Last-In First-Out (LIFO) and First-In-First-Out (FIFO) inventory pricing in situations where there is inflation or rising prices of material. (2 marks)