BrownCo Bhd is a merchandising company which newly engaged in trading of product AAA and it uses perpetual inventory system for maintaining inventory records. The company closes its account on every 31 December. The following transactions occurred during year 2020: Date Transaction 2 January Purchased 500 units of product AAA from Berkat Sdn Bhd at the cost of RM282 per unit. 19 February Purchased 5,500 units of product AAA from Meera Enterprise with a cost of RM294 per unit. 24 February 400 units of product AAA that were bought on 19 February were returned to Meera Enterprise. 10 March Sold 3,500 units of product AAA to Gama Sdn Bhd at a price of RM380 per unit. 22 April Purchased another 8,000 units of product AAA from Berkat Sdn Bhd with overall cost of RM2,400,000. 10 September Sold 9,000 units of product AAA to Setia Sdn Bhd with a selling price of RM390 per unit. 15 September Setia Sdn Bhd returned 100 units of product purchased on 10 September 2020. REQUIRED: (a) Calculate the cost of inventory on hand on 31 December 2020 and the cost of sales for the year ends 31 December 2020 using: i. the FIFO cost method ii. the moving average cost method (round total cost amounts to the nearest RM). (9 Marks) (b) Suggest which cost flow assumptions (FIFO or average cost) is more relevant if BrownCo Bhd wants to attract more investors. Justify your answer. (4 Marks) (c) Assume that on 31 December 2020, a physical count indicates inventory of 1,150 units were actually on hand. Briefly explain the accounting treatment related to this issue. (2 Marks)