Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both...
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Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) brought forward from December 2021 During January 2022, the company's operations had the following transactions: Date Jan 2 Jan 3 Jan 9 Jan 13 Jan 18 Jan 25 (b) Transferred from production 350 kg at RM2.10 each Additional information: The operating expenses for the month amounted to RM9,000. 480 kg at RM2.20 each 630 kg at RM2.30 each 390 kg at RM2.40 each (i) (ii) (iii) Issued out to customer 980 kg @RM6 Required: Using the following methods calculate the cost of goods sold as at 31 January 2022. (Round your answers to 2 decimal points. Eg: 3.127 -3.13) 1,050 kg@RM8 First in, First out method (FIFO) Moving Average method (MAVG) Last in, First out method (LIFO) Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profit or loss for the month ended 31 January 2022. (7 marks) (6 marks) (6 marks) Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) brought forward from December 2021 During January 2022, the company's operations had the following transactions: Date Jan 2 Jan 3 Jan 9 Jan 13 Jan 18 Jan 25 (b) Transferred from production 350 kg at RM2.10 each Additional information: The operating expenses for the month amounted to RM9,000. 480 kg at RM2.20 each 630 kg at RM2.30 each 390 kg at RM2.40 each (i) (ii) (iii) Issued out to customer 980 kg @RM6 Required: Using the following methods calculate the cost of goods sold as at 31 January 2022. (Round your answers to 2 decimal points. Eg: 3.127 -3.13) 1,050 kg@RM8 First in, First out method (FIFO) Moving Average method (MAVG) Last in, First out method (LIFO) Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profit or loss for the month ended 31 January 2022. (7 marks) (6 marks) (6 marks)
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To calculate the cost of goods sold using the different methods we need to determine the cost of the units sold based on the transactions and the cost ... View the full answer
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Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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