CASE NO#2- INVENTORY VALUATION METHODS TESCO is a British multinational groceries and general merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire, England, United Kingdom. It is the third-largest retailer in the world measured by gross revenues. It has shops in seven countries across Asia and Europe. It is the market leader of groceries in the UK, Ireland, Hungary, and Thailand. It provides the following purchases and sales of Merchandise Inventory for the month of June 2020: Details Units Unit OMR Price June Purchases 600 12,000 Date 20 2 June Purchases 5 400 30 12,000 34 6,800 40 24,000 June Purchases 200 9 June Purchases 600 15 June Purchases 1.000 22 Total Purchases 2,800 25 25,000 79,800 600 Date Details Units Unit OMR Price June Sales 60 36,000 7 June Sales 500 80 40,000 17 June Sales 45 9.000 25 Total Sales 1,300 85,000 Company follows Perpetual Inventory System. All purchases and sales are on credit basis. 200 You are required to: a) Compute the cost of goods sold and closing inventory value under FIFO and Weighted Average Method b) Identify necessary journal entries for the above purchase and sales of Merchandise Inventory under FIFO method