1) Sharjah orginsation was organized on Feb 1, 2012. During the period of the year the orgnisation made several actions in order to evaluate and control inventory movements. Using information given below find the following: a) Calculate the total amount (in dollar) December 31s 2012 in both FIFO for closing inventory on and LIFO methods. b) Calculate the cost of goods sold on December 31st 2012 in both FIFO and LIFO. c) Calaculate the profit (or loss) on December 31st 2012 in both FIFO and LIFO

Question 3 (Problem 1) 1) Sharjah orginsation was organized on Feb 1lt, 2012. During the period of the year the orgnisation made several actions in order to evaluate and control inventory movements. Using information given below find the following: a) Calculate the total amount (in dollar) for closing inventory on December 31 2012 in both FIFO (?? marks) and LIFO methods. b) Calculate the cost of goods sold on December 31 2012 in both FIFO and LIFO. c) Calaculate the profit (or loss) on December 31" 2012 in both FIFO and LIFO 1. On Feb 1a, 2012 the orginsation beginning inventory 300 units at price of $2.00 per unit 2. On Marc 10th the orginsation purchased 700 units at price of $1.00 per unit. 3. On May 5 , 2012 the orginsation purchased 400 units at price of $3 per unit. 4. On July 8h, 2012 the orginsation sold 500 units at price of $3.00 per unit. 5. On September 15th, 2012 the orginsation sold 300 units at price of $4 per unit. 6. On October 12t, 2012 the orginsation purchased 700 units at price of $1.5 per unit. 7. On December 30, 2012 the orginsation sold 600 units at price of $4 per unit