What is the expansion of LIFO in the context of valuing Merchandise inventory of a Merchandise business? Question 33 Not yet answered Marked out of 1.00 P Flag question O a. Fast in Last Out O b. Last In Fast Out OcFirst In Last Out O d. Last In First Out Question 34 Not yet answered Marked out of 1.00 Flag question The trading results of a Merchandise trader is as follows: Net Sales OMR 50,000, Cost of Goods sold OMR 35,000, Interest expenses OMR 16,000, Salesman salary OMR 12,000, Office supplies expenses OMR 16,200, Marketing expense OMR 11,500, Insurance expenses OMR 3,300, What will be the total operating expenses assuming that the business follows Multi-Step Income Statement? O a OMR 59,000 O b. OMR 27,000 Oc OMR 43,000 O d. OMR 78,000 Business paid RO 200 electricity charges was wrongly entered RO 2,000 in both the accounts. This type of error is Question 35 Not yet answered Marked out of 1.00 F Flag question O a. Errors of Omission O b. Reversal error OC. Errors of Commission O d. Errors of Principle The cash discount also known as purchase discount or sale discount is given to customers for: Question 36 Not yet answered Marked out of 1.00 Flag question O a. Good business relations O b. Agreement made Oc. Frequent contact with supplier O d. Early payment