Meepok Trading reports the following purchases and sales data for its product X for the month of July. Meepok Trading uses a perpetual inventory system. Required: (a) Identify the cost assigned to ending inventory and to the cost of goods sold using: (i) FIFO. (ii) Weighted average cost. (iii) Specific identification if the ending inventory consists of 90 units from July 30 purchase, 80 units from July 20 purchase and the balance from beginning inventory. (18 marks) (b) If Vincent, the sale manager earns a bonus based on a percentage of gross profit, explain the method of inventory costing he will prefer. (3 marks) (c) Give one (1) advantage and one (I) disadvantage of using FIFO method of inventory costing assuming the trend of rising costs. (4 marks)