Almuthana stores had the following transactions related to it's inventory ( fans) during 2010: The stores uses periodic inventory system and the LIFO method to assign a cost to the ending inventory. The comcmpany, sells and purchases are on account . Required: 1. Prepare journal entries to record the above transactions. 2. Determine the cost of inventory on hand on December 31,2010 . 3. Determine the cost of goods sold for 2010. 4. Prepare trading account to determine the gross profit. 5. If market price at December 31, 2010 was 74 D., what entries do you record, using the indirect method