NIZWA ELECTRONICS is a Sole Proprietorship Organization. The business is selling all electronics items.

The business has made the following purchases and sales during the month of May 2019.

Its selling price for one of the Mobile phone called Samsung Galaxy Mobile for OMR 80 each.

The following information was taken from the inventory records during May 2019. The business had

Opening inventory of 20 Samsung Galaxy Mobile at OMR 60 each on 1st May 2019.

The business uses FIFO method of Inventory

Date

Details

No of Samsung Galaxy mobile

Cost Price

(OMR)

May 3

Purchase

25

50

May 10

Sale

20

May 17

Purchase

20

60

May 31

Sale

25

BASED ON THE ABOVE QUESTIONS PLEASE

ANSWER THE FOLLOWING Q.NO 11 TO Q.NO 15

Question 11

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What will be the Closing Inventory at the end of May 10?

a.

OMR 2450

b.

OMR 1250

c.

OMR 1200

d.

OMR 0

Clear my choice

Question 12

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What is the expansion of FIFO in the context of valuing Merchandise Inventory of a Merchandise business?

a.

First In Fast Out

b.

First In Last Out

c.

First in First Out

d.

Fast In Last Out

Clear my choice

Question 13

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What will be the total cost of goods sold at the end of May 31?

a.

OMR 0

b.

OMR 1150

c.

OMR 1200

d.

OMR 2450

Clear my choice

Question 14

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What will be the Total Purchases cost at the end of May 31?

a.

OMR 1200

b.

OMR 2450

c.

OMR 1150

d.

OMR 0

Clear my choice

Question 15

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What will be the Gross Profit made by the business on May 31?

a.

OMR 1150

b.

OMR 1600

c.

OMR 2450

d.

OMR 1200

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