Question 4 The following information is taken from the records of Wildlife Florist. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dec1 20 200 Opening inventory Dec 5 Sale 108 Purchase Dec 6 200 18 Purchase Dec 12 125 17 Dec 13 Sale 300 350 21 Purchase Dec 19 150 18 Purchase Dec 29 Sale 400 Dec 30 BBM205/03 5 Required:- a. Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: i. FIFO. ii. Weighted average. (14 mark) b. Assume each unit was sold for RM25. Complete the following partial income statements: FIFO Weighted Average Sales Less: Cost of Sales Gross Profit (6 mark) Question 5 The following balances were extracted from the books of Billion Precision for the year ondod Dombor 902 Users/Acer/Downloads/BBM205_03_Assignment January%202021 QUESTION.pdf Question 5 The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500,000 Building 200,000 Motor vehicles 120,000 Plant and machinery 70,000 Profit b/f as at 01.01.2020 237,650 Capital 438,000 Acc depreciation as at 1.1.2020 : -Building 60,000 -Motor Vehicles 69,250 -Plant & Machinery 40,000 Returns 3,600 4,100 Revenue 800,000 Purchases 400,000 Discounts 5,000 6 BBM205/03 Carriage inwards 7.700 BBM205/03 7,700 52,000 2,000 43,200 Carriage inwards Opening inventory Provision for bad debts Trade receivables / Trade payable Advertising Staff training cost Bad debts Motor expenses Rental Bank Wages and salaries 66,000 18,000 4,000 12,500 27,000 90,000 7,600 126,000 1,701,800 1,701,800 Additional information: i. i. The provision for bad debts should be 4% of trade receivables. ii. Depreciation is to be charged as follows: -Buildings 2% on cost. -Plant and machinery 20% on cost. -Vehicles 25% on cost. iii. The closing inventories is valued at RM57,000. Required: a. Prepare the Statement of Comprehensive Income for the year ended 3 December 2020. (19 marks) ds/BBM205_03_Assignment_January%202021_QUESTION.pdf CUCIVO ii. Depreciation is to be charged as follows: -Buildings 2% on cost. -Plant and machinery 20% on cost. -Vehicles 25% on cost. iii. The closing inventories is valued at RM57,000. Required: a. Prepare the Statement of Comprehensive Income for the year ended 3 December 2020. (19 marks) b. Prepare the Statement of Financial Position for the year ended 31 December 2020. (11 marks) END OF QUESTION PAPER