2)

Question 2 The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dect Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 Dec 12 Purchase 125 2. 3 Dec 13 Sale 300 Purchase 350 2 Dec 19 Dec 29 Dec 30 Purchase 150 1 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (0) FIFO (m) Weighted average [11 mark] BBM 205/03 (b) Assume each unit was sold for RM5. Complete the following partial income statements : (4 marks] FIFO Weightage Average Sales Less: Cost of Sales Gross Profit