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The following information has been extracted from the records of Mas Bhd. about one of its products LITTLE JOMBO. Mas Bhd. uses the perpetual inventory
The following information has been extracted from the records of Mas Bhd. about one of its products "LITTLE JOMBO". Mas Bhd. uses the perpetual inventory system and its reporting period ends on 30 September 2019 RM Unit 1 600 01/10 14.00 06/10 600 14.10 Detail Beginning balance Purchased Sold a RM24.00 per unit Purchased Purchase returns 05/11 2000 19/12 2 200 14.70 24/12 160 14.70 2020 10/01 1400 22/03 15.00 30/04 04/05 Sold @ RM24.20 per unit Purchased Sold @ RM26.50 per unit Sales returns @ RM26.50 per unit Sold @ RM27.00 per unit Purchased Sold @ RM30.00 per unit 16 800 3 600 40 04/06 7 000 16.00 06/08 27/09 1 000 6 200 REQUIRED: Calculate the cost of inventory on hand at 30 September 2020 and the cost of sales for the year ends 30 September 2020, using: i. the FIFO cost method il the moving average cost method (round the average unit costs to the nearest cent, and round total cost amounts to the nearest dollar). b) Prepare the trading section of the statement of profit or loss and other comprehensive income for the year ended 30 September 2020. using: the FIFO cost method ii. the moving average cost method
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