Accounts

Khalifah Hotel had started its business on November 2021 and start purchasing inventories during December 2021. The information below shows data of inventories bought and sold by Khalifah Hotel in December 2021 Date Sales Sales Price Purchases @ cost price per unit 140 units @ RM15.50 Dec 2 5 100 RM19.00/unit units 10 70 units @ RM16.00 17 30 units @ RM 17.00 25 90 units RM20.00/unit REQUIRED: Using FIFO method, please calculate a. closing inventory b. cost of goods sold and gross profit C. [ 15 marks ]