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NIZWA ELECTRONICS is a Sole Proprietorship Organization. The business is selling all electronics items. ...

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Accounting

NIZWA ELECTRONICS is a Sole Proprietorship Organization. The business is selling all electronics items.
The business has made the following purchases and sales during the month of May 2019.
Its selling price for one of the Mobile phone called Samsung Galaxy Mobile for OMR 80 each.
The following information was taken from the inventory records during May 2019. The business had
Opening inventory of 20 Samsung Galaxy Mobile at OMR 60 each on 1st May 2019.
The business uses FIFO method of Inventory
Date
Details
No of Samsung Galaxy mobile
Cost Price
(OMR)
May 3
Purchase
25
50
May 10
Sale
20
May 17
Purchase
20
60
May 31
Sale
25
BASED ON THE ABOVE QUESTIONS PLEASE
ANSWER THE FOLLOWING Q.NO 11 TO Q.NO 15
Question 11
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Question text
What will be the Closing Inventory at the end of May 10?
a.
OMR 2450
b.
OMR 1250
c.
OMR 1200
d.
OMR 0
Clear my choice
Question 12
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Question text
What is the expansion of FIFO in the context of valuing Merchandise Inventory of a Merchandise business?
a.
First In Fast Out
b.
First In Last Out
c.
First in First Out
d.
Fast In Last Out
Clear my choice
Question 13
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Question text
What will be the total cost of goods sold at the end of May 31?
a.
OMR 0
b.
OMR 1150
c.
OMR 1200
d.
OMR 2450
Clear my choice
Question 14
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Question text
What will be the Total Purchases cost at the end of May 31?
a.
OMR 1200
b.
OMR 2450
c.
OMR 1150
d.
OMR 0
Clear my choice
Question 15
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Question text
What will be the Gross Profit made by the business on May 31?
a.
OMR 1150
b.
OMR 1600
c.
OMR 2450
d.
OMR 1200
l need fast for exam

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