Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 2 The following transactions occurred in the month of June for ABC Company June 1-Opening Inventory 188 units @ OMR 4. June 8- Purchase
Problem 2 The following transactions occurred in the month of June for ABC Company June 1-Opening Inventory 188 units @ OMR 4. June 8- Purchase 200 units @ OMR 4.2 June 10- Sale of 280 units June 13 - Purchase 100 units @ OMR 4.6 June 18 - Sale of 150 units June 24- Purchase 280 units @ OMR 4.8 June 26 - Sale of 350 units Requirement: a. Prepare the Cost Sheet using AVERAGE Method of Inventory Valuation b. How much is the cost of sales on June 10? C. How much is the balance of inventory in OMR after the June 10 sales? d. How much is the cost of sales on June 26? e. How much is the inventory ending balance in number of units? f. How much is the inventory ending balance in total cost (OMR)? Date Purchases Sales Balance No. of Unit Total No. of Unit Total No. of Unit Total Units Cost Cost Units Cost Cost Units Cost Cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started