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Analysis of the books of account of Shell Co., Ltd reveals the following for the year ended 31.12.2019 Sales OMR 2,150,000 Cost of Goods Sold

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Analysis of the books of account of Shell Co., Ltd reveals the following for the year ended 31.12.2019 Sales OMR 2,150,000 Cost of Goods Sold OMR 650,000 Other expenses OMR 160,000 Depreciation OMR 75,000 Other relevant information obtained from the books are: a) Fixed assets were purchased on 1/4/2018 at a prevailing general price index of 140 b) Goods were purchased in three lots of OMR 300,000; OMR 450,000 and OMR 200,000 with a corresponding price index of 140, 150 and 160 c) There was opening inventory valued at OMR 15,000 d) Closing inventory valued at OMR 65,000 on FIFO basis e) Sales were made a price index of 155. Expenses were incurred at price index of 153. f) Price index measured on 31st December, 2019 was 160 Prepare a price level adjusted income statement of Shell Co., Ltd

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