Muscat Company has the following inventory information. Units Per unit price Total July 1 Beginning Inventory 20 units at OMR 19 Purchases 70 units at OMR 20 22 Purchases 10 units at OMR 22 The physical inventory count on July 31 shows 30 units on hand. Using the average-cost method, what is the value of ending inventory?
Muscat Company has the following inventory information. Units Per unit price Total July 1 Beginning Inventory 20 units at OMR 19 Purchases 70 units at OMR 20 22 Purchases 10 units at OMR 22 The physical inventory count on July 31 shows 30 units on hand. Using the average-cost method, what is the value of ending inventory?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...
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![Muscat Company has the following inventory information.
Units
Per unit price
Total
July 1
Beginning Inventory
20 units
at OMR 19
7
Purchases
70 units
at OMR 20
22
Purchases
10 units
at OMR 22
The physical inventory count on July 31 shows 30 units on hand. Using the average-cost method, what is the value of ending
inventory?
Select one:
O a. None of the answers are correct
O b. OMR 1,400.
O .OMR 620.
O d. OMR 600
e. OMR 580.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda9202e5-1778-4ff3-ae82-f2f7ad9c890a%2F4bdeb04b-6719-4889-8631-cb8e5949744e%2Ftjelqqp_processed.png&w=3840&q=75)
Transcribed Image Text:Muscat Company has the following inventory information.
Units
Per unit price
Total
July 1
Beginning Inventory
20 units
at OMR 19
7
Purchases
70 units
at OMR 20
22
Purchases
10 units
at OMR 22
The physical inventory count on July 31 shows 30 units on hand. Using the average-cost method, what is the value of ending
inventory?
Select one:
O a. None of the answers are correct
O b. OMR 1,400.
O .OMR 620.
O d. OMR 600
e. OMR 580.
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