TESCO is a British multinational groceries and general merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire, England, United Kingdom. It is the third-largest retailer in the world measured by gross revenues. It has shops in seven countries across Asia and Europe. It is the market leader of groceries in the UK, Ireland, Hungary, and Thailand. It provides the following purchases and sales of Merchandise Inventory for the month of June 2020: Date Details June 2 Purchases June 5 Purchases June 9 Purchases June 15 Purchases June 22 Purchases Total Purchases Units 600 400 200 600 1,000 2,800 Unit Price 20 30 34 OMR 12,000 12,000 6,800 24,000 25,000 79,800 40 25 80 Date Details Units Unit Price OMR June 7 Sales 600 60 36,000 June 17 Sales 500 40,000 June 25 Sales 200 45 9,000 Total Sales 1,300 85,000 Company follows Perpetual Inventory System. All purchases and sales are on credit basis. You are required to: a) Compute the cost of goods sold and closing inventory value under FIFO and Weighted Average Method. b) Identify necessary journal entries for the above purchase and sales of Merchandise Inventory under FIFO method