Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Scientist Audits The Earth

Authors: Stuart L Pimm

1st Edition

0813535409, 978-0813535401

More Books

Students also viewed these Accounting questions

Question

Write a SAS program to carry out the analysis of Exercise 9.1.

Answered: 1 week ago