Question 6: The United Company started the year 2020 in January with 7,000 products as first stock, at a cost of 10 riyals per unit. It made successive purchases of its product during 2019 as shown in the table below. The company sold 25,000 units of its product in 2020 at a price of QR 70 per unit. The company uses a periodic inventory system. Date Inventory purchases by Unit cost in Qatari units riyals 20 Mar 9,500 17 17 Aug 10,000 20 30 Oct 11,200 25 Required: (round the number to two decimal places) 1) Determining the number of units and the total cost of inventory available for sale for the year 2020. 2) Determining the end-of-term inventory cost and the cost of goods sold for the year 2020 using the following three methods: a) First in, first out (FIFO). b) last in first out (LIFO). c) weighted average 3) What is the method that leads to obtaining the lowest net profit? Answer: 79