PROBLEMS FOR GROUP 3 1. Prepare the Inventory records Required: Prepare the inventory records using the Weighted Average method 2. Yousef \& Company purchased, on 1st January 2017, a machine for producing prototypes. The machine cost OMR 54,000 and was estimated to have a five-year life with a residual value of OMR 4,000 . The company plans on using one out of the two most important methods of deprecation which are straight line \& Written down value methods. The CEO wants to decide on which method based on a few calculations that he asks you to perform which are given below. Prepare the required calculations to help the CEO arrive at a final decision. Required (a) Prepare a table of depreciation and net book values over the eight-years using straight-line depreciation. (b) Prepare a table of depreciation and net book value over the eight years using reducing-balance depreciation. (c) Using the straight-line method of depreciation, show the effect of selling the asset at the end of Year 4 for a price of OMR 44,500. (d) Using the reducing balance method of depreciation, demonstrate the effect on disposing the asset at the end of Year 5 for OMR 1,250