Molly Enterprise provided the inventory movements for the full year 2021: Month Bought Sold January 300 at RM40 each March 150 at RM60 each May 400 at RM41 each July 250 at RM63 each September 200 at RM43 each October 150 at RM65 each December 100 at RM45 each Required: (a) Using the following methods calculate the closing inventory value as at 31 December 2021. (Round your answers to 2 decimal points. Eg: 3.127 =3.13) (i) First in, First out method (FIFO) (7 marks) (ii) Moving Average method (MAVG) (6 marks) (iii) Last in, First out method (LIFO) (6 marks) (b) Describe, but do not calculate, how LIFO and FIFO affect the cost of goods sold and the valuation of closing stock: (i) when purchase prices are rising (3 marks) (ii) when purchase prices are falling. (3 marks) Note: Show all your relevant working. (Total: 25 marks)