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The following information is taken from the records of Wildlife Florist. The company uses the perpetual inventory system. Date Units Description Opening inventory Unit Cost
The following information is taken from the records of Wildlife Florist. The company uses the perpetual inventory system. Date Units Description Opening inventory Unit Cost (RM) 20 Dec1 200 Dec 5 Sale 108 Dec 6 200 18 Purchase Purchase Dec 12 125 17 Sale 300 Dec 13 Dec 19 Purchase 350 21 Dec 29 Purchase 150 18 Dec 30 Sale 400 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)
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