Question 24 Marked out of 8.00 Not yet answered p Flag question Gulf Trading Company uses the LIFO Perpetual Inventory System and had the following purchases and sales transactions for the month of December (8 Marks) Date Transaction Units Price in OMR Total in OMR 1-Dec Beginning Inventory 25 1.50 37.50 3-Dec Purchase 30 1.80 54.00 15-Dec Purchase 50 2.00 100.00 18-Dec Sales (at retail price) 75 5.00 375.00 25-Dec Purchase 40 2.20 88.00 30-Dec Sales (at retail price) 25 5.00 125.00 1. Compute total goods available for sale in units 1 mark 2. Compute total amount of goods available for sale (in OMR) 1 mark 3. Compute total sales in units 1 mark 4. Compute total amount of sales (in OMR) 1 mark 5. Compute the ending inventory in units 1 mark 6. Compute the cost of goods sold using LIFO Perpetual 1 mark 7. Compute the cost of ending inventory using LIFO Perpetual 1 mark 8. Compute gross profit using LIFO Perpetual costing method 1 mark