3 (25 Marks) a. Premier Berhad is a retailer operating in Kota Warisan. Premier Berhad uses the perpetual inventory method. You are provided with the following information for Premier Berhad for the month of July 2022. Date Description Units Unit Cost or Selling Price July 1 Beginning Inventory 120 RM25 July 9 Purchase 240 26 July 12 Sale 200 35 July 16 Purchase 140 27 July 21 Sale 120 40 July 25 Purchase 160 28 July 29 Sale 220 40 Required: Calculate the following using FIFO method: i. Cost of goods sold ii. Ending inventory CONFIDENTIAL Page 3 of 4 [6 marks] [7 marks] 202204/SEM103/A b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 days RM2,500 note. 15 Wrote off RM1,500 owed by Network Berhad. 30 Received a RM6,000 5% 30 day note receivable from Calvin Co. as exchange for its RM6,000 account receivable. May 30 The note received from Calvin Co. on April 30 was collected in full. June 30 ABR Co. was unable to pay the note on the due date Use 360 days to calculate the interest. Required: Prepare general journal entries for the above transactions of IKEA Berhad. [12 marks]