The following data is related to JK Company: May 1 Opening Inventory 6 Purchase 10 Sale 12 Purchase 21 Sale 28 Sale 15 units @ RM20.00 per unit 10 units @ RM21.00 per unit 12 units @ RM24.00 per unit 20 units @ RM22.00 per unit 18 units @ RM25.00 per unit 8 units @ RM26.00 per unit 1 Confidential ACC 2023 Cost and Management Accounting (a) Calculate both the units and value of inventory on hand on May 31 and cost of goods sold during May under FIFO periodic inventory system. In your own words, justify with details in your calculation steps. (15 marks) (b) During times of rising prices, is it wise for you to use FIFO instead of LIFO inventory method. Please provide detailed reason. (15 marks) (c) FIFO, LIFO, and weighted average are concepts that apply to businesses who carry inventory, like manufacturers and retailers. Explain, with reasons, why some companies choose weighted average method over other costing methods like LIFO and FIFO. Provide an example of situation in which you should use weighted average method. (20 marks)