Question Two From the records of an oil distributing company, the following summarized information is available for the month of March 2019: Sales for the month: N1,925,000 Opening Inventory as at 01-03-2019: 125,000 litres @ N6.50/litre. Purchases (including freight and insurance): March 5: 150,000 litres @ N7.10/litre March 27: 100,000 litres @ N7.00/litre Closing Inventory as on 31-3-13: 130,000 litres General Administration expenses for the month: N45,000 On the basis of the above information, work out the following using FIFO and LIFO methods of inventory valuation assuming pricing of issues is being done at the end of the month after all receipts during the month : (i) Value of closing inventory as at 31-03-2019 (ii) Cost of goods sold during March 2019 (iii) Profit or loss for March 2019