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	Units	Unit Price	OMR
June 2	Purchases	600	20	12,000
June 5	Purchases	400	30	12,000
June 9	Purchases	200	34	6,800
June 15	Purchases	600	40	24,000
June 22	Purchases	1,000	25	25,000
Total Purchases		2,800		79,800

Date	Details	Units	Unit Price	OMR
June 7	Sales	600	60	36,000
June 17	Sales	500	80	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.