CASE NO#2- INVENTORY VALUATION METHODS

COSTCO, a chain of "general merchandise stores" (or hypermarket) and one of the largest of its type in USA. The company follows Perpetual Inventory System.

The company furnishes the following information for the month of December 2022:

Date	Description	Quantity	Unit cost (OMR)
December 1	Beginning Inventory	11,500	10
December 5	Purchase	14,500	13
December 6	Issues/Sales	11,200
December 8	Purchase	13,300	14
December 10	Purchase	14,500	12
December 14	Issues/Sales	12,300
December 20	Purchase	11,600	16
December 22	Purchase	11,300	7
December 24	Issues/Sales	1,500
December 29	Issues/Sales	1,300
December 30	Purchase	1,650	11
December 31	Purchase	11,000	10

You are required to:

Compute the cost of goods sold and closing inventory value under FIFO and Weighted Average Method using periodic inventory system.

Identify necessary journal entries for the above purchase and sales of Merchandise Inventory under FIFO and Weighted Average method