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Items Quantity Units Cost Unit Market Total cost Total marketLCM (OMR) (OMR) n Alpha 16,000 units 4 6 64,000 96,000 64,000 Beta 20,000 units S 140,00 100,000 100,000 Gamma 24,000 units 3 2.5 72,000 60,000 60,000 276,000 256,000 224,000 If LCM method is used then, on the basis of above information answer the following questions: (Q1) what is the amount of ending inventory if the company follows FIFO method and 5% depreciation is charged on the such assets? (1 Mark) OMR 224,000 OMR 256,000 None of these OMR 276,000 4:46 de FNG (Q2) what is the amount for adjustment of inventory if Average cost method is followed by the company and 6% depreciation on the basis of diminishing balance method is charged on such assets? . (1 Mark) (1 Mark) (Q3) What account will be debited? (1 Mark) (04) What account will be credited? 246 AM (5) If company Alpha sells a product for an average of OMR 400, and which cost OMR 300. The cost to retail percentage is 75%. The opening inventory is OMR 640,000, purchase during the month is OMR 360,000 and sales is OMR 1,600,000. what is the amount of cost of goods sold under Retail Inventory Method if company follows straight line depreciation method and depreciation is charges @ 5%? . (1 Mark) (Q6) If company Beta sells a product for an average of OMR 400, and which cost OMR 300. The cost to retail percentage is 75%. The opening inventory is OMR 640,000, purchase during the month is OMR 360,000 and sales is OMR 1,600,000. what is the amount of ending inventory under Retail Inventory Method if 4% depreciation is charged by the company using diminishing balance method ? . (1 Mark)

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