a. Explain in your own words four costing methods of inventory with a numerical example for each (4 Marks)
b. A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
January 1: Purchased 550 units at SAR 55 per unit
February 5: Purchased 350 units at SAR 65 per unit
March 16: Sold 250 Units for SAR 85 per unit
Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and the LIFO inventory valuation method