AI Wardi Lighting buys and sells LED lamps. During the year, Al Wardi sold 20 lamps. Calculate the value of ending inventory according to FIFO method. Purchases No of lamps purchased Cost/Unit October 2020 8 50 November 2020 10 85 December 2020 100 a. RO 350 b. RO 700 C. RO 1450 d. RO 1800

AI Wardi Lighting buys and sells LED lamps. During the year, Al Wardi sold 20 lamps. Calculate the value of ending inventory according to FIFO method. Purchases No of lamps purchased Cost/Unit October 2020 8 50 November 2020 10 85 December 2020 100 a. RO 350 b. RO 700 C. RO 1450 d. RO 1800

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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Question

40-

Al Wardi Lighting buys and sells LED lamps. During the year, Al Wardi sold 20 lamps. Calculate the value of
ending inventory according to FIFO method.
Purchases
No of lamps purchased
Cost/Unit
October 2020
50
November 2020
10
85
December 2020
9
100
a.
RO 350
b. RO 700
C.
RO 1450
d. RO 1800

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