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The following information is taken from Syarikat Nilai Murni for the month ended 30 June 2020. The company uses periodic inventory system for inventory. June
The following information is taken from Syarikat Nilai Murni for the month ended 30 June 2020. The company uses periodic inventory system for inventory. June Price (RM) Description Beginning inventory Purchase Quantity 40 1 40 4 135 43 10 Sale 110 70 11 Sale Return 15 70 18 55 46 Purchase Purchase Return 19 10 46 25 Sale 65 76 28 Purchase 35 50 a) Calculate cost of goods sold and ending inventory using First In First Out (FIFO) and Weighted- Average method. b) Compare results for the two cost flow assumptions. c) Show the journal entries to record the transaction on 10th, 11th, 18th and 19th of June based on FIFO method. [20 marks]
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