1. Calculate the closing inventory and Gross profit using the FIFO method from the following information.

Nizwa trading Company uses a Perpetual Inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2020 are given below:

• July 01: Beginning inventory, 500 units @ $20 per unit.
• July 18: Inventory purchased, 800 units @ $24 per unit.
• July 25: Inventory purchased, 700 units @ $26 per unit.

Nizwa trading Company sold 1,400 units on 28^th July 2020.