XYZ Company sells clocks. The following is the inventory activity for January. The clocks on hand at January 1 had a unit cost of RO. 140. Purchases Sales 60 units @ RO. 150 each Date 1-Jan 5-Jan 16-Jan 23-Jan 28-Jan Units on Hand 40 100 30 120 65 70 units @ RO. 255 each 90 units @ RO. 170 each 55 units @ RO. 295 each Instructions: a) If XYZ uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (4 Marks) b) If XYZ uses the weighted average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? (3 Marks) c) If costs are declining, will the LIFO or FIFO method of inventory valuation yield the lower cost of goods sold? Explain your answer. (Number of words required to answer this part must be at least 100 words)