The following information has been extracted from the records of Serai Bhd about one of its products. Serai Bhd uses the perpetual inventory system and its reporting date is 31 December Date Details Unit cost (RM) 7.00 7.05 Total cost (RM) 5,600 2,115 7.35 7.35 8,085 588 1 Jan 6 Jan 5 Feb 19 March 24 March 10 April 22 June 31 July 4 August 4 Sept 6 Oct 27 Nov Beginning balance Purchased Sold @ RM12.00 per unit Purchased Purchase returns Sold @ RM12.10 per unit Purchased Sold @ RM13.25 per unit Sales returns @ RM13.25 per unit Sold @ RM13.50 per unit Purchased Sold @ RM15.00 per unit No. of units 800 300 1,000 1,100 80 700 8,400 1,800 20 3,500 500 3,100 7.50 63,000 8.00 4,000 Required: a) Calculate the cost of inventory on hand at 31 December 2020 and the cost of goods sold for the year ended 31 December 2020, assuming: the FIFO cost flow assumption the average cost flow assumption