The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...
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Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Question
1) Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC.
a.
RO 1,850
b.
RO 1,480
c.
RO 1,285
d.
RO 765
![The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March
2021, the company follows FIFO method for material issue pricing:
1st March 2021: Opening balance - 50 units @ RO 4
Receipts:
5th March: 100 units @ RO 5
12th March: 200 units @ RO 4.50
24th March: 150 units @ RO 3
Issues:
2nd March: 30 units
18th March: 150 units
30th March: 100 units
Use the above information and answer 32, 33 and 34 MCQS](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd498a1d0-1e5c-49c0-bd63-f22d8bfb8f2a%2F9a69a7cd-f247-462d-a553-b8508bcad536%2Fs1xwbv7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March
2021, the company follows FIFO method for material issue pricing:
1st March 2021: Opening balance - 50 units @ RO 4
Receipts:
5th March: 100 units @ RO 5
12th March: 200 units @ RO 4.50
24th March: 150 units @ RO 3
Issues:
2nd March: 30 units
18th March: 150 units
30th March: 100 units
Use the above information and answer 32, 33 and 34 MCQS
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