a) Hafiz Food Store had the following unadjusted trial balance amounts as on 31" December 2018. You are requires to write the closing entries from adjusted trail balance of Merchandise inventory under periodic inventory system. Trial Balance Accounts Debit Amount Credit Amount (OMR) (OMR) 12.000 Merchandise Inventory Purchases 83.500 1.500 Purchase discounts Purchase returns and Allowances 4,000 Transportation in 5.000 Additional information: A physical count of inventory on December 31" 2019 showed inventory of OMR 15, 500 unsold in the hands of Hafiz Food Stores. (5 Marks) Answer: b) From the following details you are required to determine cost of goods sold (COGS) for the year ended 31" March, 2020 of Hashim Retail Company LLC. Opening value of inventory on 1" April, 2019 amounted OMR. 150,000,000 Cost of goods sold during 2019-20 amounted OMR. 200,000,000 Closing value of merchandise inventory on 31" March, 2020 amounted to OMR. 200,000,000. You are also required to- i) Determine the amount of cost of inventory purchased during 2019-20. (2.5 Marks) ii) Record the Journal entry in respect of COGS. (2.5 Marks)