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tegy] or method that used. Riyadh Int. is a retailer dealing in a single product. Beginning inventory at 19 January of this year is zero, operating expenses for this same year are $ 5000. The following purchases are made this year. Per Unit Units 100 Cost January $ 10 $ 1,000 March 300 $11 $3,300 June 600 $12 $7,200 October 300 $14 $4,200 December 500 $15 $7,500 Total 1,800 $ 23,200 Ending inventory at 31 December is 800 units. Determine net income for this year under FIFO inventory methods. Assume a sales price of $ 25 per Unit and ignore income taxes. Solution: (2-Marks) Income Statement Show making for all 25000 Sales 11 Soo Cost of Goods Sold 13500 Gross Profit 5000 Operating Expenses 8500. EBT 31 Dec CGS -13500