Question 1: On May 1: the beginning inventory 3000 units at SR4 cost per unit During the month, the purchases were: 4000 units at SR3 cost per unit 5000 units at SR6 cost per unit 6000 units at SR5 cost per unit The ending inventory: 2000 units Required: Compute the cost of the ending inventory and the cost of goods sold using the following methods: a) FIFO: First in First out b) Average Cost Question 2: Prepare the income statement for merchandising Co. for the year ended Dec. 31, 2019 using the following data (value in SR): Sales 400,000 - beginning inventory 40,000 - purchases 210,000 - operating expenses 60,000 The cost of ending (closing) inventory is 50,000 while the market value (NRV) is 35,000