2. Prepare stores ledger for Mazoun Dairy farm under FIFO and LIFO method and find out the value of closing inventory. Comment on how the value of closing inventory are differed/similar under both the method and analyse its implications.

During the month of February 2022, the following transactions have occurred with regard to the flow of material into and out of its store room. February 1, 2022 stock of material available 300 units @ OMR 5.000 each. February 2; issued material to production 250 units February 5; purchased 200 units @ OMR 5.200 each February 7; issued material to production 100 units February 10; Purchases 150 units @ OMR 4.500 each February 12; issued material 100 units February 20; Purchases 180 units @ OMR 4.500 each February 28; issued material 200 units.