15 Marks! 2. Using the following information under FIFO method, determine the cost of materials used and the cost of ending inventory for the month of July 2021. July 1,2021 Balance on hand. 1000 yards of linen & OMR 4.000 cach 3 Issued 250 yards 3 Received soyads OMR 4.500 each 6 Issued 150 yards 10 Issued 110 yards 15 Received 500 yards OMR 5.500 each 20 Returned 300 yards to the vendor from July 15 Purchase 25 Issues 60 yards 15 Marks 3. Patriot Oman predicts that it will use 360,000 kgs of materials during the year. The material is expected to cost OMR 5 per kg. Patriot Oman anticipates that it will cost OMR 72 to place each order. The annual carrying cost is OMR 4 per kg. Determine the Economic ordering quantity. Question: 2. (This Question addresses CLO2) The existing incentive system for Al Amir SAOG is as under: Normal working week: 5 days of 8 hours each plus 3 late shifts of 3 hours each. Rate of Payment: Day work: OMR 1.6 per hour Late shift: OMR 250 per hour Average output per operator for 49 hours week, i.e., including 3 late shifts = 120 units In order to increase the output and eliminate overtime, it was decided to switch on to a system of payment by results. Following information is obtained. Time rate as usual: OMR 1.600 Basic time allowed for 15 units: 5 hours Piece-work rate: Add 20% to basic piece rate Premium bonus: Add 50% to time, Required: Prepare a statement showing hours worked, weekly earnings. number of articles produced and labour cost per unit for one operator under the following wage systems; (a) Existing Time rate (b) Straight Piece Rate (c) Rowan System (d) Halsey Premium Plan Assume that 135 units are produced in a 40-hour week under straight piece work, Rowan premium system and Halsey Premium system above and the operator earns half the time saved Under Halsey Premium system