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(a) Assume that you are in the position of Mr Radhi, based on the review of the incomplete schedule, determine: (i) The cost flow assumption
(a) Assume that you are in the position of Mr Radhi, based on the review of the incomplete schedule, determine: (i) The cost flow assumption applied by Maju Bhd to measure the cost of inventory. Give ONE (1) justification for your answer. (ii) The freight term applied to determine ownership of inventory for the purchase on 3 December 2022. Give ONE (1) justification for your answer. (b) By referring to the incomplete schedule, continue with the transaction on 12 December 2022 and onwards to calculate the cost of inventory on hand at 31 December 2022 and the cost of sales for the month of December 2022 for the item Model Q1. (round your answer to the nearest RM). (c) Model A2 is small in its quantity and easily distinguishable. (i) Suggest the appropriate cost flow assumption that can be used by Maju Bhd for this inventory. (ii) Give TWO (2) examples of products that are suitable with the suggested cost flow assumption in (c)(i)
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