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Zerglings Sdn. Bhd. makes residential curtain blinds. The most popular are Vengiant curtain blinds, which require 4 meters of cotton fabric per set. The cotton

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Zerglings Sdn. Bhd. makes residential curtain blinds. The most popular are Vengiant curtain blinds, which require 4 meters of cotton fabric per set. The cotton fabric balances as of 1 November 2022 were 2,100 meters, with 1,000 meters purchased on 15 October 2022 at RM6.00 per meter and the balance purchased on 28 October 2022 at RM6.30 per meter. The following was obtained from the cotton fabric store ledger card for November 2022: Additional information: 1. The returned of 500 meters of cotton fabric on the 18 November relates to the purchases on the 9 November 2022. 2. On 29 November, the production department returned 400 meters of cotton fabric due to over request on 25 November 2022. 3. On 30 November 2022, after the physical count, the stock loss is 20 meters. Required: i. Prepare a store ledger card for cotton fabric for the month of November 2022 using First in First Out (FIFO) method. Clearly show the computation of closing inventory balance. (14 marks) ii. Calculate the opening inventory value as of 1 November 2022 if Zerglings Sdn. Bhd. values its stock using the weighted average cost method (state your answer to 2 decimal places) (2 marks)

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