Ibra Trader uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. Assume that there are no credit transactions and the inventory returned is not damaged. You are provided with the following information of the company for the month of April 2020.
Date |
Description |
Quantity (kg) |
Cost per unit (OMR) |
Selling price per unit (OMR) |
April 1 |
Beginning inventory |
800 |
10 |
|
2 |
Purchase |
400 |
12 |
|
5 |
Purchase return of 2nd dated purchase |
40 |
? |
|
6 |
Purchase |
240 |
12 |
|
11 |
Sale |
1,000 |
? |
18 |
18 |
Sale |
300 |
? |
20 |
23 |
Purchase |
100 |
13 |
|
28 |
Sale |
160 |
? |
22 |
30 |
Sales return of 28th dated sale |
10 |
? |
22 |
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