Molly Enterprise provided the inventory movements for the full year 2021: 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)