The following information is taken from the financial statement of Al Reem Manufacturing LLC for the monthof March 2021, the company follows FIFO method for material issue pricing:1st March 2021: Opening balance - 50 units @ RO 4Receipts:5th March: 100 units @ RO 512th March: 200 units @ RO 4.5024th March: 150 units @ RO 3Issues:2nd March: 30 units18th March: 150 units30th March: 100 unitsUse the above information and answer 32, 33 and 34 MCQSIdentify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC.O a. 450 unitsO b. 280 unitsO c. 320 unitsO d. 220 units Identify the total amount of balance on 12th March 2021 for Al Reem Manufacturing LLC.O a. RO 1,850O b. RO 765Oc. RO 1,285O d. RO 1,480Identify the value of closing stock for the month of March 2021 for Al Reem Manufacturing LLC.O a. RO 1,850O b. RO 1,480Oc. RO 765O d. RO 1,285

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Description: The following information is taken from the financial statement of Al Reem Manufacturing LLC for the monthof March 2021, the company follows FIFO method for material issue pricing:1st March 2021: Opening balance - 50 units @ RO 4Receipts:5th March:

In FIFO method, the goods which are purchased first are sold first. This mean the ending inventory…

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Accounting

Identify the total amount of balance on 12th March 2021 for Al Reem Manufacturing LLC.

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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