First approach sounds more reasonable, although I would go slightly different way - I would start with 40 mL of methanol, add 60 mL of water (that would give 40%v/v methanol), then add 7.3 mL of glacial acetic acid (0.3 mL more to account for the fact final volume would be around 104 mL, as volume of the methanol solution would be around 97 mL due to the volume contraction). At least that's how I understand the composition of the solution. But as I wrote earlier, document you have linked to is ambiguous, so could be I am wrong.