SABIC reported the following inventory data as of December 31, 2023:

• Beginning Inventory: SAR 1,000,000
• Purchases during the year: SAR 2,500,000
• Sales Revenue: SAR 3,000,000
• Ending Inventory: SAR 1,200,000 a) Calculate the cost of goods sold for SABIC. b) Determine the gross profit earned by SABIC. c) Discuss the impact of inventory valuation methods on the financial statements.