Question 1 Desa Sdn Bhd (DSB) manufactures a single product known as COR7. Their records show that there were 3,000 kg of raw materials at the beginning of the current period with a total value of RM4,650. The following is a record of the receipts and issues of materials in a factory during May 2021. Issued out to production Bought at gross price and quantity 4,100 kg @RM1.20 each 3,800 kg 12,200 kg @RM1.35 each Date May 3 May 7 May 8 May 11 May 17 May 22 May 29 8,000 kg 15,000 kg @RM1.40 each 6,300 kg @RM1.60 each 24,600 kg Additional information: On 17 May 2021, DSB entered a purchase agreement with one of its suppliers: the company will receive a free 50 kg of raw materials for each 1,000 kg purchased. The management was decided that the new agreement would be a cost saving to the company. Required: Using the following methods calculate the value of closing inventory as at 31 May 2021. (Round your answers to 2 decimal points. Eg: 2.36516 = 2.37) (a) First in, First out method (FIFO) (b) Moving Average method (MAVG) (C) Last in, First out method (LIFO) (10 marks) (8 marks) (7 marks) (Total: 25 marks)