1. Prepare the Inventory records DATE 1.01.2021 2.01.2021 4.01.2021 6.01.2021 8.01.2021 10.01.2021 15.01.2021 18.01.2021 PARTICULARS Balance in inventory was 800 bags of rice Purchased 1,000 bags of rice Sold 1,020 bags of rice Purchased 440 bags of rice Purchased 200 bags of rice Sold 840 bags of rice Purchased 500 bags of rice Sold 800 bags of rice Required: Prepare the inventory records using the First-In-First-Out method PRICE PER UNIT OMR 4.100 per bag OMR 4.250 per bag OMR 4.150 per bag OMR 4.050 per bag OMR 4.400 per bag

1. Prepare the Inventory records DATE 1.01.2021 2.01.2021 4.01.2021 6.01.2021 8.01.2021 10.01.2021 15.01.2021 18.01.2021 PARTICULARS Balance in inventory was 800 bags of rice Purchased 1,000 bags of rice Sold 1,020 bags of rice Purchased 440 bags of rice Purchased 200 bags of rice Sold 840 bags of rice Purchased 500 bags of rice Sold 800 bags of rice Required: Prepare the inventory records using the First-In-First-Out method PRICE PER UNIT OMR 4.100 per bag OMR 4.250 per bag OMR 4.150 per bag OMR 4.050 per bag OMR 4.400 per bag

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Description: 1. Prepare the Inventory recordsDATE1.01.20212.01.20214.01.20216.01.20218.01.202110.01.202115.01.202118.01.2021PARTICULARSBalance in inventory was 800 bags of ricePurchased 1,000 bags of riceSold 1,020 bags of ricePurchased 440 bags of ricePurchased

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
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