The following transactions occurred in the month of May in Golden Mountain LLC. Based on the given information, calculate the moving average on 18 April by following Average method. Ist April Opening Balance of inventory 200 units @ OMR 4.000. 9th April Purchased 100 units @ OMR 4.200. 14th April purchased 300 Units @ OMR 4.5. 18th April sold 200 units. a. OMR 4.28 b. None of the given options c. OMR 4.50 d. OMR 4.25

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.