Pun Poon Phya is the managing director of PPP Food Products, a recently established manufacturing company based in Kuala Lumpur. He recently approached your firm, ACT Partners, Chartered Accountants, seeking advice in relation to inventory valuation and just-in-time (JIT) inventory management. Mr Phua, understands the importance of efficient inventory management in a manufacturing environment. REQUIRED: Draft a memorandum for Mr Phua, managing director of PPP Food Products, that addresses the following issues: For each inventory valuation approach (FIFO, LIFO and Average Cost): a) Describe the main features of the approach (15 marks) b) Explain the effect of the approach on profit and on closing inventory valuation during periods of rising prices.