Q2 You are provided with the following information for Yuan Berhad for the month of January 2017. Yuan uses the perpetual method for inventory Date Quantity Unit cost or Selling Price (RM) 1 Description Beginning inventory Purchase 100 14 S 8 150 17 8 Sale 110 28 10 10 28 15 Sale return Purchase Purchase retum 55 5 19 16 19 20 Sale Purchase 80 32 25 30 22 I Required: a) Calculate (1) cost of goods sold, (ii) ending inventory, and (111) gross profit af the following methods: 1) FIFO 2) Average cost b) Compare results for the two cost flow assumptions. QUESTION 4 Mariam is in business as a retailer. The following balances were extracted from the books of Mariam Enterprise as at 31 Dec 2019. RM Capital at Jan 2019 190,000 Drawing 21,000 Land and buildings (at cost) 150,000 Fixtures and Fittings (al cost) 28,000 Computer quintal cost 40,000 Accumulated depreciation Fixtures and Fillings 19.00 Computer gent 12.000 $% loan 50,000 Lcan interest paid 2.000 10,000 4,070 Account receivables 0.000 Account payables 31,000 Sales 365.000 Purchases 115,00 Goods returned by customers 8.900 Return outwards 4.250 mory at 1 Jan 2019 Delivery expenses 18.610 Computer repairs expenses 19.150 General running expenses Salaries and wages 86,700 Marketing costs Discount allowed 22.400 Discount received 13,700 Additional information: 1. Inventory as at 31 Dec 2019 was valued at RM36,550. 2. An invoice for a credit purchase of goods RM6,500 had been misplaced and no entries had been recorded in the books. 3. The purchase of fixtures and fittings, RM4,000 had been included in the general running expenses. 4. At 31 Dec 2019, computer repair expenses RM1,700 were accrued and salaries and wages were prepaid RM5,200. 5. The 8% bank loan was received on 1 July 2019. 6. Depreciation is to be charged at the of the year as follows: Fixtures and fittings at the rate of 15% per annum using the straight-line method. (ii) Computer equipment at the rate of 25% per annum using the reducing balance method. Required: a) Prepare the statement of profit or loss for the year ended 31 Dec 2019. (11 marks) b) Prepare the statement of financial position as at 31 Dec 2019. (9 marks) (Total: 20 marks)