EXERCISE 1.1

Date	Purchase		Sale (unit)
	Unit	Total (RM)
2 March	5,500	24,500
7 March	7,000	20,000
13 March			2,200
19 March	4,000	12,000
22 March			2,600
28 March			2,000

Opening inventory on 1 March 2008 was 400 units at a total cost of RM1,200

Sale price per unit is RM7

Required :

1. Using the first-in, first-out (FIFO) method, prepare a store ledger card for March 2008
2. Calculate the value of inventory for the financial year ended 31 March 2008
3. Prepare extract from Statement of Profit and Loss for the year ended 31 March 2008