Voon Sdn Bhd is supplier specializing on face mask shield. The following were the purchases and...

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Voon Sdn Bhd is supplier specializing on face mask shield. The following were the purchases and issues of face mask shield from the record during Dec 2022. Dec 1 Opening balance 4 Purchase 5 Sold 8 Purchase 15 Sold 22 Purchase 28 Sold Units 30,000 10,000 30,000 50,000 20,000 25,000 30,000 FIFO LIFO Unit price ($) 2.00 2.10 2.30 2.50 Required: a) Complete a materials ledger account as shown in the table below, for each of the following inventory costing methods, using an inventory system as follows: i. ii. iii. Moving average (carrying unit prices to 2 decimal places) b) For each method, prepare a schedule that shows the total cost of materials transferred to work in process and the cost of ending inventory. c) If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain your answers. d) When prices continue to rise, what is the effect of FIFO versus LIFO on inventory balance for materials reported in the balance sheet? Discuss. Voon Sdn Bhd is supplier specializing on face mask shield. The following were the purchases and issues of face mask shield from the record during Dec 2022. Dec 1 Opening balance 4 Purchase 5 Sold 8 Purchase 15 Sold 22 Purchase 28 Sold Units 30,000 10,000 30,000 50,000 20,000 25,000 30,000 FIFO LIFO Unit price ($) 2.00 2.10 2.30 2.50 Required: a) Complete a materials ledger account as shown in the table below, for each of the following inventory costing methods, using an inventory system as follows: i. ii. iii. Moving average (carrying unit prices to 2 decimal places) b) For each method, prepare a schedule that shows the total cost of materials transferred to work in process and the cost of ending inventory. c) If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain your answers. d) When prices continue to rise, what is the effect of FIFO versus LIFO on inventory balance for materials reported in the balance sheet? Discuss.

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Answer b Schedule for Total Cost of Materials Transferred to Work in Process and Cost of Ending Inve... View the full answer