XYZ Company purchased its salable product in the current year as follows:

Jan. 1	Beginning inventory	140 units @ RO 6.00 = RO 840
Mar.7	Purchase	300 units @ RO 5.60 = 1,680
July 28	Purchase	550 units @ RO 5.00 = 2,750
Oct. 3	Purchase	350 units @ RO 4.60 = 1,610
Dec.19	Purchase	50 units @ RO 4.10 = 205
	Total	1,390 units

XYZ Company resold its product at RO 15 per unit on the following dates:

Jan. 10	100 units
Mar. 15	225 units
Oct. 5	700 units
Total	1,025 units

Answer the following MCQs using FIFO, Weighted average method and Specific Identification method ( Ending inventory consist of 365 units; 315 from the July 28 purchase and 50 units from the December 19 purchase in case of specific identification method)

Question 11

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Using weighted average method under perpetual system, the gross profit at the end of the accounting period is:

a.

RO 10,053

b.

RO 10,070

c.

None of the given options

d.

RO 10,155

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Question 12

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Using perpetual system, the total cost of goods sold for January 10 sale of 100 units using FIFO method is:

a.

RO 600

b.

RO 644

c.

RO 2,750

d.

RO 1,500