Dhofar Associates had total gross sales of OMR 500000 (total cash sales are 40% of total gross sales) in the current year, an ending accounts receivable balance of OMR 180000, and OMR 4000 credit balance before adjustments in the Allowance for Doubtful Accounts account. Sales discounts are OMR 15000. Bad debts are estimated as 4% of net credit sales. The adjusting amount to record bad debt expense for the year would include a:

Select one:

a. OMR 11400 debit to Bad Debt Expense

b. OMR 7000 debit to Bad Debt Expense

c. OMR 12000 debit to Bad Debt Expense

d. OMR 19400 debit to Bad Debt Expense

During September, the following changes in inventory took place:

Sep 1 Balance 100 units @ OMR 21

14 Purchased 150 units @ OMR 23

24 Purchased 250 units @ OMR 24

26 Purchased 125 units @ OMR 26

16 Sold 200 units @ OMR 38

29 Sold 125 units @ OMR 42

What is the cost of goods sold under the FIFO method if periodical inventory system is maintained?

Select one:

a. OMR 7350

b. None of the options

c. OMR 7450

d. OMR 8050