Question: PROBLEMS FOR GROUP 3 1. Prepare the Inventory records DATE PARTICULARS PRICE PER UNIT 1.01.2021 Balance in inventory was 400 bags of rice OMR 2.100

PROBLEMS FOR GROUP 3

1. Prepare the Inventory records

DATE

PARTICULARS

PRICE PER UNIT

1.01.2021

Balance in inventory was 400 bags of rice

OMR 2.100 per bag

2.01.2021

Purchased 500 bags of rice

OMR 2.250 per bag

4.01.2021

Sold 560 bags of rice

6.01.2021

Purchased 220 bags of rice

OMR 2.150 per bag

8.01.2021

Purchased 100 bags of rice

OMR 2.050 per bag

10.01.2021

Sold 420 bags of rice

15.01.2021

Purchased 250 bags of rice

OMR 2.400 per bag

18.01.2021

Sold 400 bags of rice

Required: Prepare the inventory records using the Weighted Average method

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