Elated Company began operation in 2019 by selling a single product. Data on purchase and sales for the year were as follow: Purchases: Date Units Purchased Unit Cost Total Cost April 6 46,500 $36.60 $1,701,900 May 18 49,500 39.00 1,930,500 June 6 60,000 39.60 2,376,000 July 10 60,000 42.00 2,520,000 August 10 40,800 42.75 1,744,200 October 25 19,200 43.50 835,200 November 4 12,000 44.85 538,200 December 10 12,000 48.00 300,000 576,000 12,222,000 Sales: April 24,000 units May 24,000 June 30,000 July 36,000 August 42,000 September 42,000 October 27,000 November 15,000 December 12,000 Total Units 252,000 Total Sales $15,000,000 On January 4, 2020, the CEO of the company asked for your advice on costing the 48,000-unit physical inventory that was taken on December 31, 2019. Moreover, since the firm plans to expand its product line, she asked for your advice on the use of a perpetual inventory system in the future. Required: a. Determine the cost of physical inventory as at December 31, 2019 under the periodic system, using the (i) First-in, First-out method, and (ii) Weighted Average Cost method. (8 marks) b. Explain varying viewpoints why each of the two inventory costing methods mentioned in (a) may best reflects the results of operation for 2019. (10 marks) c. Which of the two inventory costing methods mentioned in (a) may best reflect the replacement cost of the inventory on the statement of financial position as of December 31, 2019. (5 marks) d. Discuss TWO advantages and TWO disadvantages of using a perpetual inventory system. (12 marks)