Question 2: A) By using transactions given in Question 1, you are required to pass journal entries under perpetual and periodic inventory method along with proper explanation. B) Also calculate the gross profit of the company under both methods and analyze the values. (10 Marks, Word Limit 100 - 150) Question 3: Question 1: A) The supreme committee has instructed all super markets and retail stores NOT to offer any discounts as after this a lot of customer may rush to the market while ignoring the preventive measures of social distancing and others. At the same time all inventories which are in store are about to expire which may bring loss to the company. Already businesses are facing a lot of other crisis like loss of sales due to lock down or lack of usual working environment or paying salaries to employees even if they are working remotely. In this situation; what you suggest should the business do with inventory Which method of inventory costing is best suitable in this situation? (3 Marks, Word Limit 100 - 150) B) Al Masood traders have business of readymade furniture which they bring from UAE for the last 4 years. The make their financial statements on quarterly basis. Few transactions in the last quarter of 2018 are given below; On Jan 01, the beginning inventory was 200 units and unit cost was RO 16. On Jan 19, sold 170 units at the price of RO 21. On Jan 22, sold 10 units at price of RO 20. On Feb 02, purchased 200 units at the cost of RO 12. On Feb 17 sold 150 units at RO 18. On Feb 28 purchase 70 units at RO 14. On Mar 04 purchased 45 units at RO 15. On Mar 11 sold 120 units at RO 20. You are required to show inventory costing schedule by using; FIFO Costing Method Average Costing Method (7 Marks, Word Limit 50 - 100) Question 2: A) By using transactions given in Question 1, you are required to pass journal entries under perpetual and periodic inventory method along with proper explanation. B) Also calculate the gross profit of the company under both methods and analyze the values. (10 Marks, Word Limit 100 - 150)