QUESTION 5 Dempsey Inc. uses the perpetual inventory system. You are provided with the following information for Dempsey Inc. for the month of January 2021 Date Description Quantity Cost/Selling Price RM January 1 Beginning inventory 100 15 5 Purchase 140 18 8 Sale 110 28 10 Purchase 10 19 15 Purchase 55 20 Sale 5 29 20 Sale 140 30 25 Purchase 20 21 16 Required: i. Calculate cost of good sold, ending inventory and gross profit using FIFO and weighted average method of inventory valuation. i. Compare gross profit for both valuation method. What is your conclusion? iji. Is there any difference in the value of ending inventory for both evaluation method when the company uses periodic inventory system? Prove your answer with calculation