Part 2: Inventory Cost Flow Methods (5 MARKS) Sohar Company had the following transactions for the month of June. Date 1-Jun 5-Jun 10-Jun 15-Jun 20-Jun 25-Jun Transaction Beginning Inventory Purchase Sale Purchase Purchase Sale Units Per Unit 15 4.50 15 4.00 25 10.00 20 3.50 45 3.00 60 10.00 Total 67.50 60.00 250.00 70.00 135.00 600.00 Required: a. Compute total goods available for sale in units and in riyals) b. Compute total sales (in units and in riyals) C. Compute the ending inventory in units. d. Compute the cost of goods sold using the following methods. i. First in First Out (FIFO) ii. Last in First Out (LIFO) iii. Average Method e. Compute the cost of ending inventory using the following methods. i. First in First Out (FIFO) ii. Last in First Out (LIFO) iii. Average Method f. Compute gross profit using the following costing methods. i. First in First Out (FIFO) ii. Last in First Out (LIFO) iii. Average Method g. When is the specific identification method used? What types of companies might use it? h. In the periods of declining prices, i. The cost flow method with the lowest net income is ii. The cost flow method with the highest net income is iii. The cost flow method with the lowest ending inventory is iv. The cost flow method with the Highest ending inventory is