The Pharma company is a single product company. The company presents the following information regarding its activities during the month of December 2016.

Dec. 01: Beginning inventory; 800 units @ OMR 610 each.

Dec. 02: Sold 260 units @ OMR 716 each.

Dec. 12: Purchased 500 units @ OMR 812 each.

Dec. 18: Sold 640 units OMR 907.50 each.

Dec. 22: Purchased 320 units @ OMR 514 each.

Dec. 29: Sold 400 units @ OMR 658 each.

Required: Compute inventory on July 31, 2016 and cost of goods sold for the month of July using following inventory costing methods:

1. First in, first out (FIFO) method

2. Last in, first out (LIFO) method

3. Analyse the difference in the value of inventory and COGS under both methods.

7. Compare and contrast between FIFO and LIFO inventory costing methods.