The stock of material held on 1-4-2019 was 4000units at OMR 1,000 per unit. The following receiptand issue were recorded:Received:2-4-2019 Purchased 1,000 units at OMR 600 perunitIssued:6-4-2019 Isued 4000 unitsFrom the following alternatives you are required tochoose the value of closing inventory if the issue ismade through the FIFO method.

FIFO Method is the inventory valuation method in which the first set of stock is cleared first.

Answered: s at OMR 1,000 p issue were reco eived:

Business

Accounting

s at OMR 1,000 p issue were reco eived:

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

The stock of material held on 1-4-2019 was 4000
units at OMR 1,000 per unit. The following receipt
and issue were recorded:
Received:
2-4-2019 Purchased 1,000 units at OMR 600 per
unit
Issued:
6-4-2019 Isued 4000 units
From the following alternatives you are required to
choose the value of closing inventory if the issue is
made through the FIFO method.

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