CHAPTER 2 | Inventory 4 Tritan Sdn. Bhd. is involved in supplying frozen lambs. The information given was f the month of May 2016. On 1 May, the company had a stock of 50 kilogrammes of lam worth RM150. The following were transactions carried out by the company until 31 Ma 2016: Date Transaction Amount 2 May Sold 30 kg S May Purchased 60 kg @ RM160 80 kg RM195 15 May Purchased 22 May Sold 120 kg@RM220 Returned to supplier 5 kg 30 kg 26 May 29 MaySold Required: (a) Calculate the value of inventory using the first-in, first-out (FIFO) and weighted average cost methods. (b) Prepare an extract of the Statement of Profit and Loss to determine the gross profit and discuss the differences between both methods towards the gross profit and inventory value. nroduction. The balance of raw material on