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Course Code: Outcome 1: understand the accounting for a merchandising business Apply different inventory valuation methods for ending inventory and cost of goods sold Graduate attributes covered: Scholastic rigor & practical competence: creative thinking, problem solving, analytical thinking, time management, dexterousness and knowledgeability 1. Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business 2. Identify any two examples of Current, Non-Current Asset, Current, Non-Current Liability, Expense and Income 3. Ms. Raheema purchases goods with a list price of RO 30,000. The supplier offers a 10 % trade discount, and a 2 2 % cash discount for payment within 10 days. Required: a) Calculate the amount Ms. Raheema will have to pay if it delays longer than 10 days before paying. b) Calculate the amount Ms. Raheema will pay if it pays within 10 days. 4. The buyer received an invoice from the seller for merchandise with a list price of OMR 400 and credit terms 2/10, n/60, Find out Credit period, Discount period, Trade discount and Cash discount allowed 5. In credit terms of 3/15, n 45, 3 represents 15 represents n/45 represents 6. On 1-4-2018 Ms. Bushra Al Khair LLC buys 150 Apple phone @ 225 each from a local supplier. The supplier offers a trade discount of 5% on amounts in excess of RO 10,000 (i.e. the trade discount does not apply to the first RO 10,000). He is offered a 2.5% cash discount for immediate payment. What is the amount payable by Ms. Bushra Al Khair LLC assuming that if she makes payment after 3 months? 2 7. The following information belongs to Nizwa Trading company. Inventory balance on January 1, 2019: RO 600,000 Purchases made during the year 2019: RO 1,200,000 Inventory balance on December 31, 2019: RO 500,000, Transportation in OMR 250, Purchase Return OMR 750 Required: Compute cost of goods sold for the year 2019 assuming the company uses a periodic inventory system