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Sinaran is a manufacturer of garden furniture, the company has used FIFO (first in first out) in valuing inventory. However, the business is interested to
Sinaran is a manufacturer of garden furniture, the company has used FIFO (first in first out) in valuing inventory. However, the business is interested to know the effect of valuation using the weighted average method. At 28 February 2017, the company had inventory of 4,000 plastic tables, and has computed its value using the following basis. Basis Unit Cost (RM) FIFO 16 Weighted Average 13 During March 2021, the movement of the inventory of the tables were as follow Received from factory Date Number of units Unit Cost (RM) 8 March 3,800 15 22 March 6,000 18 Batch sold Date Number of units 5,000 12 March 18 March 24 March 2.000 3.000 28 March 2.000 Required: COMPUTE what is the value of the inventory at 31 March 2021, using i. FIFO ii. Weighted Average
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