Question 14 Not yet answered Marked out of 1.00 p Flag question ABC Trading Company had the following transactions for the month of May. The company uses PERIODIC INVENTORY SYSTEM. Date Units 10 Transaction Beginning Inventory Purchase Purchase Cost per Unit (OMR) 6.00 6.50 1-May 3-May 15-May TOTAL Total (OMR) 60.00 97.50 175.00 15 25 7.00 50 332.50 The company sold 35 units Required: Compute the cost of goods sold using LIFO periodic OMR 227.50 OMR 232.75 OMR 105.00 OMR 240.00 Question 15 Not yet answered Marked out of 1.00 p Flag question The receipt of OMR 3,000 advance payment from customer for services to be rendered next year was incorrectly credited to service revenue. The correcting entry is Cash 3,000 Service Revenue 3,000 Unearned Revenue 3,000 Service Revenue 3,000 Service Revenue 3,000 Unearned Revenue 3,000 Cash 3,000 Unearned Revenue 3,000