Harunis Trading purchases and sells a single product called Gamat. Opening inventories of Gamat on 1...

 

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Harunis Trading purchases and sells a single product called Gamat. Opening inventories of Gamat on 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of Gamat per unit is RM7.50 The transactions during the month are as follows: Date March 2 7 13 19 22 28 Purchase Unit 5,500 7,000 4,000 Total (RM) 24,500 20,000 12,000 Sales (Unit) 2,200 2,600 2,000 a. Make a store ledger card of Gamat for March 2019 using the first-in, first-out (FIFO) method of pricing issues. b. Calculate the value of inventory for the financial year ended 31 March 2019. c. Make extracts from the Statement of Profit or Loss for the year ended 31 March 2019. Harunis Trading purchases and sells a single product called Gamat. Opening inventories of Gamat on 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of Gamat per unit is RM7.50 The transactions during the month are as follows: Date March 2 7 13 19 22 28 Purchase Unit 5,500 7,000 4,000 Total (RM) 24,500 20,000 12,000 Sales (Unit) 2,200 2,600 2,000 a. Make a store ledger card of Gamat for March 2019 using the first-in, first-out (FIFO) method of pricing issues. b. Calculate the value of inventory for the financial year ended 31 March 2019. c. Make extracts from the Statement of Profit or Loss for the year ended 31 March 2019.

Answer rating: 100% (QA)

a Please see attached photo below b Ending inventory RM 29446 c Please s... View the full answer