Question: i think this table belnog to the question Question 2 INVENTORY MANAGEMENT PART A Musalam are in business, buying and selling goods for resale. During


i think this table belnog to the question
Question 2 INVENTORY MANAGEMENT PART A Musalam are in business, buying and selling goods for resale. During December 2019 the following transactions occurred: 1 December Balance brought forward: NIL 4 December Bought units @ $ each December Sold 180 units @ 10 December Bought units @ $ each 11 December Sold 170 units@ 15 December Bought units @ $ each 22 December Sold 150 units @ Calculate the following: Value of Closing Inventory using AVCO method. (1 mark) b) Cost of Goods Sold (1 mark) c) Gross Profit (1 mark) PART B Explain in brief the various Inventory Management Systems adopted in the Wholesale Sector. (2 marks) Question 1 PREPARATION OF FINANCIAL STATEMENTS Jamal is selling Finished Merchandise. The following trial balance was extracted from the books Jamal at the end of her financial year 31/12/2019 Trial balance as on 31/12/2019 Particulars Debit OMR Credit OMR 200,000 12,000 18,000 500 ????? 1.250 4,000 ???? Capital Debtors Creditors Provision for Doubtful Debts Drawings Cash in hand Bank Sales Purchases Opening stock Sales returns Carriage inwards Discount Allowed and Discount Received Premises Fixtures and fittings (at cost) Provision for depreciation on fixtures Rates Insurance Wages and salaries TOTAL ??? 5,000 1,000 250 400 270,000 40,000 350 7,000 1,000 2,200 20.000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
