Question 3 Schubert Limited maintains its stock records on the perpetual inventory system. The record of receipts and issues for stock D142 in January 2021 is as follows: Receipt Quantity (Units) 160 Purchase Price Per Unit (RM) 4.00 Issue Quantity (Units) 20 50 80 4.80 Date 2021 01 January 04 January 07 January 10 January 12 January 15 January 20 January 22 January 24 January 30 January 100 20 120 4.40 60 40 4.40 80 Required: (a) Prepare Inventory Record Cards for D142 in respect of January 2021, based on each of the following methods of valuation: (1) First-In-First-Out (FIFO) (10 marks) (ii) Last-In-First-Out (LIFO) (10 marks) (iii)Average cost method (AVCO) (10 marks) (b) Which inventory valuation method would you choose to calculate the cost of goods sold and closing inventory? Explain in not more than 400 words. (10 marks) [Total : 40 Marks]