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Faizal Company prepared the following information for the month of September 2020. The company uses perpetual inventory system to manage inventory. Purchases Sales Units Unit

Faizal Company prepared the following information for the month of September 2020. The company uses perpetual inventory system to manage inventory.

Purchases

Sales

Units

Unit Cost (RM)

Units

Unit Selling Price (RM)

Sep 1

Begin. inventory

500

20

5

Purchases

1,200

22

10

Sales

1,400

65

14

Purchases

3,000

20

18

Sales

2,400

60

26

Purchases

1,500

22

28

Sales

1,500

65

Required:

Prepare a schedule to show the value assign to cost of goods sold and ending inventory as at 30 September 2020 by using the Average method.

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