Spiritual Intercessors Ministry $($SIM$)$ Ltd sells A$4$ sheets which are received from the wholesaler at different prices. The company issues the A$4$ sheets directly from stores to customers. The following are the details of A$4$ sheets received and issued to customers during the month of December, $2018.$

Date $(2018)$ Receipts Issues

Dec. $1200$ boxes at GHS $10$ each

Dec. $3100$ boxes at GHS $10\mathrm{.}5$ each

Dec. $6150$ boxes at GHS $12$ each

Dec. $1050$ boxes at GHS $11$ each

Dec. $1560$ boxes at GHS $13$ each

Dec. $17120$ boxes at GHS $11\mathrm{.}5$ each

Dec. $2080$ boxes at GHS $12$ each

Dec. $21280$ boxes at GHS $15$ each

Stock was taken on $22$nd December, $2018.$

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Required:

a$)$ Write up the store ledgers, and prepare a statement of gross profit under the following pricing methods:

i$)$ First in$,$ First Out $($FIFO$)$

ii$)$ Last in$,$ First Out $($LIFO$)$

b$)$ With the statements prepared in $($a$)$ above, outline two advantages and disadvantages each for valuing stock using the LIFO and the FIFO approaches.