(6 Marks, Word Limit 50 - 100) Question 4: A) In current situation of COVID-19 where everything is uncertain, inventory management has become a challenging task. There are many inventories costing method used by different businesses. Remember that proper inventory management leads to success of business. If we see the government rules regarding lock down of the cities where virus is reported, then which inventory costing method do you suggest will be preferable in case if we have the inventory of; Medicine and lifesaving medicines Paints and household items Tires (3 Marks, Word Limit 100 - 150) B) Al Kalbani traders have few transactions in the last quarter of 2019. On Jan 01, the physical count of inventory was 250 units and unit cost was RO 16. On Jan 19, sold 176 units to Al Rahman Company at the price of Ro 21. On Jan 22, sold 15 units to Moosa Trader at price of RO 20. On Feb 02, purchased 100 units from Muscat Lights at the cost of RO 12. On Feb 17 sold 120 units to Yaqoob Trader at RO 18. On Feb 28 purchase 75 units at RO 14 from Al Hijaar Company. On Mar 04 purchased 25 units from Byco Incorporation at RO 15. On Mar 11 sold 130 units to Ibri Store at RO 20. You are required to show inventory costing schedule by using; LIFO Costing Method Average Costing Method (7 Marks, Word Limit 50 - 100) Question 5: A) By using transactions given in Question 4, you are required to pass journal entries under perpetual and periodic inventory method. B) Also calculate the gross profit of the company. (10 Marks, Word Limit 100 - 150)