QUESTION 3 Suresh Trading uses a perpetual inventory system. The following information of the opening balance, purchases and sales are extracted from the warehouse systems for the month of March 2021: Date Opening Balance Purchase Issue 1 March 10 units @ RM120.00 10 March 40 units @ RM125.00 15 March 45 units 21 March 70 units @ RM130.00 26 March 50 units The selling price of the unit sold is set at RM220 per unit. Page 5 of 9 Required a) Calculate the cost of the ending inventory and the cost of goods sold using the following methods: (i) First In, First Out (FIFO) (5 marks) (ii) Last In, First Out (LIFO) (5 marks) (iii) Weighted average cost (Average unit cost to be rounded to 2 decimal places) (5 marks) b) Compare the results of the three inventory methods in a tabular format and determine the gross profit for each of the methods. (4 marks) c) Based on the information in part (b) above, state which method produces the highest gross profit. (1 mark)