Answered: Calculate COGS from the following?…

Calculate COGS from the following? Opening stock - OMR 12,000 Closing stock - OMR 8,000 Purchases - OMR 20,000 Sales - OMR 45,000 Salaries and Wages - 3000 a. OMR 24000

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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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

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Calculate COGS from the following?
Opening stock - OMR 12,000
Closing stock - OMR 8,000
Purchases - OMR 20,000
Sales - OMR 45,000
Salaries and Wages - 3000
a.
OMR 24000
b.
OMR 27,000
C.
OMR 21,000
d.
OMR 25,000

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