Question No. 3 On 1 November 2002 a company held 300 units of finished goods item No 9639 in inventory. These were valued at RO 12 each. During November 2002 three batches of finished goods were received into store from the production department as follows: Date Units received Production cost per unit RO 10 November 400 12.50 20 November 400 14 25 November 400 15 Goods sold out of inventory during November were as follows Date Units sold Sales price per unit RO 14 November 500 20 21 November 500 20 28 November 100 20 What was the profit from selling inventory item 9639 in November 2002, applying the following principles of inventory valuation? (Ignore administration, sales and distribution costs) a) FIFO b) LIFO c) Give journal entry assuming that if the business follows perpetual inventory method