The business had 400 units in inventory at 1st March 2019 valued at RO 40. On 10th March Purchase made 800 units at RO 60 each. On 31st March Sales made 600 units at RO 80 each. What will be the cost of goods sold value at the end of March 2019 assuming that the business uses FIFO method? a. OMR 64,000 b. OMR 32,000 c. OMR 36,000 d. OMR 28,000
The business had 400 units in inventory at 1st March 2019 valued at RO 40. On 10th March Purchase made 800 units at RO 60 each. On 31st March Sales made 600 units at RO 80 each. What will be the cost of goods sold value at the end of March 2019 assuming that the business uses FIFO method? a. OMR 64,000 b. OMR 32,000 c. OMR 36,000 d. OMR 28,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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The business had 400 units in inventory at 1st March 2019 valued at RO 40. On 10th March Purchase made 800 units at RO 60 each. On 31st March Sales made 600 units at RO 80 each. What will be the cost of goods sold value at the end of March 2019 assuming that the business uses FIFO method?
a.
OMR 64,000
b.
OMR 32,000
c.
OMR 36,000
d.
OMR 28,000
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