Shown below is the activity for one of the products of Oman Shipping Company: January 1 balance,                               80 units @ OR50       = OR4,000 (beginning Inventory) Purchases: January 18                                            40 units @ OR51 January 28                                         40 units @ OR52 Sales: January 12                                           30 units January 22                                        30 units January 31                                        45 units  Required:  Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using 1.      FIFO.  2.      Average cost

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Shown below is the activity for one of the products of Oman Shipping Company:


January 1 balance,                               80 units @ OR50       = OR4,000 (beginning Inventory)

Purchases:

January 18                                            40 units @ OR51

January 28                                         40 units @ OR52

Sales:

January 12                                           30 units

January 22                                        30 units

January 31                                        45 units

 Required:  Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using

1.      FIFO. 

2.      Average cost

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