Question
Omantel company has the following; Particulars Unit Unit Cost (OMR) Inventory, Jan. 1 8,000 11 Purchases, June 19 13,000 12 Purchases, Nov. 8 5,000 13
Omantel company has the following;
Particulars | Unit | Unit Cost (OMR) |
Inventory, Jan. 1 | 8,000 | 11 |
Purchases, June 19 | 13,000 | 12 |
Purchases, Nov. 8 | 5,000 | 13 |
If 9,000 units are on hand at December 31. Compute the cost of the ending inventory under FIFO. Use periodic inventory system.
a. OMR 99,000
b. OMR 113,000
c. OMR 108,000
d. OMR 117,000
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ANSWER FirstInFirstOut FIFO FIFO is a method in which inventory received first are issued f...
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Financial and Managerial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
2nd edition
978-1119036357, 1119036356, 1118338413, 1118334264, 978-1118338414, 978-1118334263
