Question
From the following information you are required to findpurchasesas per CPP method, when the firm followsFIFOmethod for inventory valuation.The firm has decided to adopt retail
From the following information you are required to findpurchasesas per CPP method, when the firm followsFIFOmethod for inventory valuation.The firm has decided to adopt retail price index which was as follows: On 1st January 2020 = 100, on 31st December 2020= 140, Average during the year 2020 =125
| Details | RO |
| Inventoryason1stJanuary2020 | 120,000 |
| Purchasesduringtheyear | 720,000 |
| Inventoryason31stDecember2020 | 180,000 |
a.
OMR 806,400
b.
OMR 974,900
c.
OMR 840,000
d.
OMR 720,000
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Cost Accounting Principles And Managerial Applications
Authors: Gerald R. Crowningshield
3rd Edition
0395178371, 978-0395178379
