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Al-Buraimi Ceramics LLC on 1st January 2021 purchases 1000 tonnes of lime stones for OMR 500,000. It purchased another lot of 500 tonnes on 1st March 2021 for OMR 100,000. The company follows first in first out method of issuing inventories. On 31st August 2021, it consumed 400 tonnes for manufacturing of ceramics. Estimate the value of Lime stones on 30tt September 2021. a. OMR 100,000 b. OMR 500,000 c. OMR 700,000 d. OMR 400,000

Al-Buraimi Ceramics LLC on 1st January 2021 purchases 1000 tonnes of lime stones for OMR 500,000. It purchased another lot of 500 tonnes on 1st March 2021 for OMR 100,000. The company follows first in first out method of issuing inventories. On 31st August 2021, it consumed 400 tonnes for manufacturing of ceramics. Estimate the value of Lime stones on 30tt September 2021. a. OMR 100,000 b. OMR 500,000 c. OMR 700,000 d. OMR 400,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Al-Buraimi Ceramics LLC on 1st January 2021 purchases 1000 tonnes of lime stones for OMR 500,000. It purchased another lot of 500 tonnes on 1st March 2021 for OMR 100,000. The company follows first in first out method of issuing inventories. On 31st August 2021, it consumed 400 tonnes for manufacturing of ceramics. Estimate the value of Lime stones on 30tt September 2021.

a.
OMR 100,000

b.
OMR 500,000

c.
OMR 700,000

d.
OMR 400,000

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