The following is the inventory details of Muscat gases during the month of January 2021. Date Particulars 1 Opening balance 800 units @ OMR 1.500 8. Issued 500 units 9. Purchased 700 units @ OMR 1.300 12 Purchased 200 units @ OMR 1.400 15 Issued 500 units 17 Issued 400 units 26 Purchased 100 units @ OMR 2.000 You are required to prepare the stores ledger under the LIFO method and select the correct answer for the following: The total stock value on 9th January is OMR; th The total stock value on 12 January is OMR; th The issue price per unit 15 January is OMR; th The issue price per unit 17 January is OMR; th The total stock value on 26 January is OMR;
The following is the inventory details of Muscat gases during the month of January 2021. Date Particulars 1 Opening balance 800 units @ OMR 1.500 8. Issued 500 units 9. Purchased 700 units @ OMR 1.300 12 Purchased 200 units @ OMR 1.400 15 Issued 500 units 17 Issued 400 units 26 Purchased 100 units @ OMR 2.000 You are required to prepare the stores ledger under the LIFO method and select the correct answer for the following: The total stock value on 9th January is OMR; th The total stock value on 12 January is OMR; th The issue price per unit 15 January is OMR; th The issue price per unit 17 January is OMR; th The total stock value on 26 January is OMR;
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ASAP!!
Transcribed Image Text:The following is the inventory details of Muscat gases
during the month of January 2021.
Date
Particulars
1
Opening balance 800 units @ OMR 1.500
8
Issued 500 units
9.
Purchased 700 units @ OMR 1.300
12 Purchased 200 units @ OMR 1.400
15
Issued 500 units
17
Issued 400 units
26
Purchased 100 units @ OMR 2.000
You are required to prepare the stores ledger under
the LIFO method and select the correct answer for
the following:
The total stock value on 9th January is
OMR;
th
The total stock value on 12 January is
OMR;
th
The issue price per unit 15 January is
OMR;
th
The issue price per unit 17 January is
OMR;
th
The total stock value on 26 January is
OMR;
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education