Question 1 Green Field (M) Sdn. Bhd. produces a single type of particle furniture for its both corporate and retail customers in Malaysia. The main type of raw materials being used is sawdust supplied from a few local lumber mills. There was an opening inventory (7,800 kg at RM3 each) brought forward from December 2019. During January 2020, the company's operations had the following transactions: Date Bought at gross price and quantity Issued out to production Jan 3 9,800 kg at RM3.20 each Jan 6 8,400 kg Jan 9 8,200 kg at RM3.30 each Jan 13 6,200 kg at RM3.50 each Jan 16 12,600 kg Jan 19 9,500 kg at RM3.40 each Jan 24 12,850 kg Jan 28 8,500 kg at RM3.50 each Additional information: On 15 January 2020, Green Field entered a purchase agreement with one of its suppliers: the company will receive a free 100 kg of sawdust for each 1,000 kg purchased. In the management meeting, it 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 January 2020. (Round your answers to 2 decimal points. Eg: 3.127 =3.13) First in, First out method (FIFO) (8 marks) (ii) Moving Average method (MAVG) (8 marks) (iii) Last in, First out method (LIFO) (9 marks) (Total: 25 marks)