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