Palma Putih Bhd began operations in 2020 by selling a single product. Data on purchases for the year are as follows:

Purchases

Date	Units Purchased	Unit Cost (RM)	Total Cost (RM)
18 April	2,300	13.00	29,900
9 May	2,500	14.00	35,000
13 June	2,600	14.20	36,920
10 July	2,300	15.00	34,500
16 August	1,700	15.25	25,925
14 October	800	15.50	12,400
12 November	500	15.75	7,875
9 December	500	17.00	8,500

On 5 January 2021, the president of the company, Mr. Haikal, reported 5,000 units physical inventory from stock count that was taken on 31 December 2020. Other financial information for Palma Putih Bhd for the year ended 31 December 2020 are as follows:

Detail Information	RM
Total sales	362,500
Sales discount and allowance	12,000
Salaries and wages expenses	48,000
Distribution costs	22,000
Administrative costs	39,000
Finance costs	3,000
Other expenses	3,500
Taxation	36,000

REQUIRED:

(a)     Determine the cost of inventory under the periodic system using First-In, First-Out (FIFO) method as at 31 December 2020.

(b) Determine the net profit for the year under ended 2020.

(c)    Palma Putih Bhd plans to expand its product line. Therefore, the president asked for your advice on the use of a perpetual inventory system in the future. Discuss TWO (2) advantages and TWO(2) disadvantages of using a perpetual inventory system.