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A firm has inventory on 1/1/2019 of RO 98,000, the purchases during the year amounted to RO 56,000 and the closing inventory is RO 73,000.
A firm has inventory on 1/1/2019 of RO 98,000, the purchases during the year amounted to RO 56,000 and the closing inventory is RO 73,000. The firm adopts retail price index and the index on 1/1/2019 stood at 100 and at the end of the year it was 140. The restated value of Inventory assuming that the firm follows FIFO method of inventory valuation is a. RO 123,980 b. RO 117,366 O c. RO 113,400 Od None of the options are right
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