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. (