CASE NO#2- INVENTORY VALUATION METHODS TESCO is a British multinational groceries and general merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire, England, United Kingdom. It is the third-largest retailer in the world measured by gross revenues. It has shops in seven countries across Asia and Europe. It is the market leader of groceries in the UK, Ireland, Hungary, and Thailand. It provides the following purchases and sales of Merchandise Inventory for the month of June 2022: Date June 2 June 5 Purchases. Purchases. June 9 Purchases ill June 15 Purchases June 22 Purchases Sitg 1,000 Total Purchases and Applied Sci 2,800 Date Details June 7 Sales. June 17 Sales June 25 Sales Total Sales Units Details 600 400 200 600 Units 600 500 200 Unit Price 20 30 34 40 25 Unit Price 60 80 45 OMR 12,000 12,000 6,800 24,000 25,000 79,800 OMR 36,000 40,000 9,000 85,000 1,300 Company follows Periodic Inventory System. All purchases and sales are on credit basis. You are required to: a) Compute the cost of goods sold and closing inventory value under FIFO and Weighted Average Method. b) Identify necessary journal entries for the above purchase and sales of Merchandise Inventory under FIFO and Weighted Average method