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B. Megah Holding Sdn. Bhd. is a company that involved in manufacturing medical gloves. The main material used in producing medical gloves is synthetic rubber
B. Megah Holding Sdn. Bhd. is a company that involved in manufacturing medical gloves. The main material used in producing medical gloves is synthetic rubber latex known as Nitrile. The record in the store shows an opening balance of 1,500 kilograms of the Nitrile. Half of the Nitrille were bought on 28 October 2021 at RM5 per kilogram and the remaining were bought on 15 October 2021 at RM4.90 per kilogram. The following transactions occurred for November 2021. November Transactions 5 Purchase 5,200 kilograms at RM 5.30 per kilogram. 6 Purchase 5,000 kilograms at RM 5.40 per kilogram. 8 Issue 5.200 kilograms to the production department. 12 Purchase 1,500 kilograms at RM 5.70 per kilogram before trade discount of RM0.20 per kilogram 16 Issue 6.000 kilograms to the production department. 19 Returned 500 kilograms of defective latex from production department to stored. This latex was purchased on 6 November 2021. 20 The defect latex was returned to supplier 23 Purchase 2.000 kilograms at RM 5.60 for kilograms. 26 Issue 3,500 kilograms to production department. Physical stock taking on 30 November 2021 showed that 490 kilograms of Nitrile was still available in the storeroom. Required: Prepare a Store Ledger Card using First in First out (FIFO) method and show the value of closing inventories at for 30 November 2021
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