Assignment Scenario Ibri farm Equipment LLC is a manufacturing firm that specializes in the production of farm equipment according to customer's orders. The company has different types of raw material for its production requirements stored in the store room. The following transactions have occurred in the month of January 2022 regarding the materials. January1, 2022 stock of material available 200 units @ OMR 2.000 each. January 2; issued material to production 150 units January 5; purchased 100 units @ OMR 2.200 each January 7; issued material to production 100 units January 10; Purchases 150 units @ OMR 2.500 each January 12, issued material 100 units January 20; Purchases 180 units @ OMR 3.000 each January 28; issued material 200 units. The company had 50 workers in its factory payroll. In the month of January 2022, a worker Ahmed produced 300 parts of a product working for 48 hours. The company give remuneration to its employees at an hourly rate of OMR 4.500 per hour worked. The estimated time to produce a single part is 8 minutes. 1. Prepare stores ledger for Ibri farm Equipment LLC 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