Miracle Skin Solution Bhd $($MSSB$)$ is a skin care company. It was established in $2017.$ The company currently produces acne serum. The company has its own outlet that solely sells its own product. Apart from that, in order to boost its sales, MSSB also signs consignment contract with RG Pharmacy to sell the acne serum in the pharmacy.

The accounting period of MSSB ends on $31$ December. MSSB uses First$-$In First$-$Out $($FIFO$)$ method to record the inventory cost flow and applies the perpetual inventory system to record the inventory. Following is the inventory$-$in and inventory$-$out inventory record in regards to MBBS$$s finished goods inventory for the year. Product: Acne Serum

Date Particular Unit Cost

RM$/$Unit Selling Price

RM$/$Unit

$01/01/18$ Beginning balance $114,00050\mathrm{.}00$

$06/03/18$ Inventory$-$in $21,50052\mathrm{.}00$

$10/07/18$ Inventory$-$out $58,00060\mathrm{.}00$

$18/09/18$ Inventory$-$in $25,00051\mathrm{.}00$

$25/10/18$ Inventory$-$in $11,00053\mathrm{.}00$

$30/11/18$ Inventory$-$out $69,00065\mathrm{.}00$

$($Inventory$-$in $=$ The transfer of finished inventory from the factory into the MSSB$$s record of inventory available for sale$)$

$($Inventory$-$out $=$ The sales of the finished inventory to customers$)$

Additional information:

$1.$ As at $31$ December $2018$ record shows that the cost of the ending inventory for raw materials and work$-$in$-$process are RM$300,000$ and RM$150,000$ respectively.

$2.$ As at $31$ December $2018$ record shows that the unsold inventory of acne serum hold by RG Pharmacy is RM$14,000.$ The consignment activity is recorded separately and is not included in the inventory$-$in and inventory$-$out inventory record.

$3.$ On $1$ December $2018,$ MSSB posted a pack of acne serum worth RM$11,000$ to a customer in Brunei. The shipment was signed under F$.$O$.$B Shipping Point and the transportation cost is RM$250.$ The account clerk had not included this sale into the inventory$-$in and inventory$-$out inventory record.

REQUIRED:

$($a$)$ Determine the cost of sales for the year ended $31$ December $2018$ and the cost of inventory on hand as at $31$ December $2018$ of acne serum for MSSB without taking into consideration the additional information number $(1),(2)$ and $(3).$ Please use the below table format.

Date Inventory$-$in Inventory$-$out Balance

b$)$ Based on the calculation in $($a$)$ and taken into consideration the additional information number $(2)$ and $(3),$ determine the MSSB$$s ending inventory of acne serum as at $31$ December $2018.$

$($c$)$ Prepare the Current Asset section of Statement of Financial Position $($a partial$)$ of MSSB as at $31$ December $2018.$