Question no:02 [10 Marks] The inventory record of Zamzama traders, occurred during of Dec 2020: Dec 03 Balance on hand 650 gallons at Rs21.0 per gallon Dec 04 Received 1,450 gallons at Rs. 22 per gallon Dec 05 Issued 750 gallons Dec 08 Received 1,550 gallons at Rs. 19 per gallon Dec 09 Returned to vendor 550 gallons received on Jan 08 Dec 11 Issued 850 gallons Dec 16 Received 750 gallons at Rs. 21 per gallon Dec 19 Issued 750 gallons Dec 23 Issued 450 gallons Dec 26 Received 1,550 gallons at Rs. 18 per gallon Dec 27 250 gallons were returned from the factory to the store room (Treat as oldest Unit) Dec 30 Issued 650 gallons Required: i. What is inventory system? How and why we need to apply perpetual inventory system to make efficient business/organization in effective way. Explain the purpose of using FIFO, LIFO and Average method for inventory ii. Record the above transactions on the store Ledge card using FIFO, LIFO and average system. iii. Which method is good