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 2020: Date Details OMR Units Unit Price 600 20 June Purchases 12.00 400 30 June Purchases 15 12000 6,8001 40 24,000 June Purchases 200 19 June Purchases 600 15 June Purchases 1.000 22 Total Purchases 2.800 25 25,000 79,800 Datel Details OMR Units Unit Price 600 60 June Sales 36,000 June Sales 300 80 40KO 17 June Sales 200 45 9,000 25 Total Sales 1300 85,000 Company follows Perpetual Inventory System. All purchases and sales are on credit basis. You are required to: b) Identify necessary journal entries for the above purchase and sales of Merchandise Inventory under FIFO method