Alert for not submit AI generated answer. I need unique and correct answer. Don't try to copy from anywhere. Do not give answer in image formet and hand writing PROBLEMS FOR GROUP 8 1. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT1.01.2021 Balance in inventory was 1,000 bags of rice OMR 4.200 per bag 3.01.2021 Purchased1,200 bags of rice OMR 4.450 per bag 5.01.2021 Purchased 640 bags of rice OMR 4.350 per bag9.01.2021 Sold 1320 bags of rice 12.01.2021 Purchased 400 bags of rice OMR 4.150 per bag22.01.2021 Sold 1,040 bags of rice 23.01.2021 Purchased 700 bags of rice OMR 4.550 per bag24.01.2021 Sold 1,000 bags of rice Required: Prepare the inventory records using WeightedAverage method 2. Ms. Amur sold to Ms. Amira OMR 160,000 worth of goods on the 15th ofApril 2021 by accepting a 120 days, 9% interest bearing note. Both Ms. Fatima & Ms. Ruqaiyaneed your help in understanding how and in what way the notes receivable and the payablesshould be treated. Provide them with the required help by showing how the transactions would betreated in the books of both parties in the following situations. a) When the notes are accepted. b)On the maturity date, the note is honored. c) Suppose Ms. Amur prepared final accounts on the20th of May 2021. d) Following the above situation, the bill is met on maturity. e) The note wasdishonored on the maturity date by Ms. Amira.

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PROBLEMS FOR GROUP 81. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT 1.01.2021 Balance in inventory was 1,000 bags of rice OMR 4.200 per bag 3.01.2021 Purchased 1,200 bags of rice OMR 4.450 per bag 5.01.2021 Purchased 640 bags of rice OMR 4.350 per bag 9.01.2021 Sold 1320 bags of rice 12.01.2021 Purchased 400 bags of rice OMR 4.150 per bag 22.01.2021 Sold 1,040 bags of rice 23.01.2021 Purchased 700 bags of rice OMR 4.550 per bag 24.01.2021 Sold 1,000 bags of rice Required: Prepare the inventory records using Weighted

PROBLEMS FOR GROUP 81. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT 1.01.2021 Balance in inventory was 1,000 bags of rice OMR 4.200 per bag 3.01.2021 Purchased 1,200 bags of rice OMR 4.450 per bag 5.01.2021 Purchased 640 bags of rice OMR 4.350 per bag 9.01.2021 Sold 1320 bags of rice 12.01.2021 Purchased 400 bags of rice OMR 4.150 per bag 22.01.2021 Sold 1,040 bags of rice 23.01.2021 Purchased 700 bags of rice OMR 4.550 per bag 24.01.2021 Sold 1,000 bags of rice Required: Prepare the inventory records using Weighted

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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Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
1. Prepare the Inventory records DATE 1.01.2021 2.01.2021 4.01.2021 6.01.2021 8.01.2021 10.01.2021 15.01.2021 18.01.2021 PARTICULARS Balance in inventory was 800 bags of rice Purchased 1,000 bags of rice Sold 1,020 bags of rice Purchased 440 bags of rice Purchased 200 bags of rice Sold 840 bags of rice Purchased 500 bags of rice Sold 800 bags of rice Required: Prepare the inventory records using the First-In-First-Out method PRICE PER UNIT OMR 4.100 per bag OMR 4.250 per bag OMR 4.150 per bag OMR 4.050 per bag OMR 4.400 per bag
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The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO? Oa. $600 Ob. $580 Oc. $590 Od. $610 Previous Next 10:4 4/17