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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 FIFO 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
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