Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on consignment of company Beta costing OMR 8,000. Company Alpha did not include the cost of OMR 1,400 for the goods sold which are still in transit (FOB shipping point). Calculate the cost of inventory: OMR 14,600 OMR 16,000 OMR 32,000 OMR 33,400 Under periodic inventory system, at the time of sale of inventory the journal entry-for cost of goods sold is: No entry relating to cost of goods sold is passed

Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on consignment of company Beta costing OMR 8,000. Company Alpha did not include the cost of OMR 1,400 for the goods sold which are still in transit (FOB shipping point). Calculate the cost of inventory: OMR 14,600 OMR 16,000 OMR 32,000 OMR 33,400 Under periodic inventory system, at the time of sale of inventory the journal entry-for cost of goods sold is: No entry relating to cost of goods sold is passed

Name: Inventory count of a company Alpha is 24,000 units. This inventory in
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Description: Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on consignment of company Betacosting OMR 8,000. Company Alpha did not include the cost of OMR 1,400 for the goods sold which are still in transit (FOBshipping po

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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