QUESTION 1 The following Trial balance was extracted from the Books of Mega Enterprise as at 31 December 2017 RM RM Capital 200,000 Duty on purchases 2,300 Insurance 6,000 Inventory as at 1 January 2017 70,000 Interest on loan 2,500 Account receivable and account payable 20,450 24,500 Purchase and sales 200.000 280,000 Land and building 265,550 Return inwards and return outwards 2.300 1,850 Accumulated depreciation - Office equipment 9,850 Accumulated depreciation - Motor vehicles 50,000 10% Loan from Hong Leong Bank 265,000 Cash 7,400 10% Fixed deposit 10,000 Discount allowed and discount received 2.500 5,000 Carriage outwards 8,200 Utilities 1 500 Bank 40,000 Office equipment 28 000 Salary and wages 25,000 Motor vehicles 140,000 Drawings 3,000 General expenses 3.500 Commissions 2.800 4.800 841 000 841.000 Additional information: 1. Inventory as at 31 December 2017 was valued at RM40,000 View Mailings Review ... 21 AaBbccdc AabbCcDc AaBbc AaBbCcc Aa 1 Normal 1 No Spac... Heading 1 Heading 2 TO Styles 19 17. 18 Paragraph 3.1.4.1.5 15.16 107 8. 1.9 -10: 1:11 1812 1.13 Tutorials Dear student, Please 1 & 2 Q1 You are provided with the following information for Lut Berhad for the month ended 30 June 2017. Lutti uses the periodic metod for inventory. Date Quantity Unit cost or Selling Price (RM) 40 1 40 Description Beginning inventory Purchase Sale 4 135 43 10 110 70 Sale retum 15 11 18 70 46 55 46 18 25 28 Purchase Purchase return Sale Purchase 10 60 75 50 30 Required: a) Calculate (ending inventory (m) cost of goods sold, gross profit and a grous profit rate of the following methods 1 1) FIFO 2) Average cost b) Compare results for the two coat flow assumptions I acer