TRANSACTIONS DURING January 2019 Date Particulars Units Cost (OMR) Amount (OMR) 3000 3000 Beginning Inventory 300 200 10 15 January 1 January 2 Purchase January 11 Purchase January 18 Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Cost (OMR) Amount (OMR) Date Particulars Units Sales January 15 Sales Total Sales January 8 300 30 9000 250 | 40 10000 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetu inventory method
TRANSACTIONS DURING January 2019 Date Particulars Units Cost (OMR) Amount (OMR) 3000 3000 Beginning Inventory 300 200 10 15 January 1 January 2 Purchase January 11 Purchase January 18 Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Cost (OMR) Amount (OMR) Date Particulars Units Sales January 15 Sales Total Sales January 8 300 30 9000 250 | 40 10000 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetu inventory method
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...
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