Cik Tipah started selling Frozen food since 2014. The company adopted the First In First Out method as a basis for determining the cost of inventories since the production of Frozen is every quarter and the selling of the product is quite fast.

Details of costs are as follows:

Date Unit Completed (RM) Unit Cost (RM)

2 March 2019 300 65

1 July 2019 400 70

15 September 2019 250 80

25 November 2019 300 75

Details of sales are as follows:

Date Unit Sold Unit Price(RM)

31 March 2019 200 100

10 August 2019 330 110

23 October 2019 200 105

20 December 2019 400 108

The closing inventory was counted on 31 December 2019 and found to be 120 units.

Required:

i. Calculate the cost of inventory at the financial year ended 31 December 2019 (show the inventories ledger sheet). [20 Marks]