Question 3 (25 Marks)

Ramen Sdn Bhd Is a distributor of premium instant Korean noodles located at Kajang, Selangor. The inventory summary for Ramen Sdn Bhd for the month ot November 2022 is shown as below:

November

10 cartons @ RM15 each carton

Purchase 20 cartons @ RM14 each carton

Purchase 25 cartons @ RM13 50 each carton

35 cartons sold @RM25 each carton

Purchase 50 cartons @ RM14 each carton

35 cartons sold @ RM25 each carton

20 cartons sold @ RM25 each carton

10

14

20

25

Required:

A. In compliance to MFRS 102 Inventories, determine the followings using perpetual inventory system:

i. Cost of goods sold and ending inventory using First In First Out (FIFO) and Weighted Average

(12 marks)

(CLO2:PLO2:C4)

ii. Gross profit by using First In First Out (FIFO) and Weighted Average

(8 marks)

(CLO2:PLO2:C4)

ili. If Ramen Sdn Bh wants to maximize its profit, which inventory valuation method would you

suggest Ramen to adopt?

2 marks)

(CLO2:PLO2:C4)

B. Outline the advantages of perpetual inventory system as compare to periodic inventory system.

(3 marks).

Let me me get the answer within 10 minutes plz

Ramen Sdn Bhd is a distributor of premium instant Korean noodles located at Kajang, Selangor. The inventory summary for Ramen Sdn Bhd for the month of November 2022 is shown as below: Required: A. In compliance to MFRS 102 Inventories, determine the followings using perpetual inventory system: i. Cost of goods sold and ending inventory using First In First Out (FIFO) and Weighted Average (12 marks) (CLO2:PLO2:C4) ii. Gross profit by using First In First Out (FIFO) and Weighted Average (8marks)(CLO2:PLO2:C4) iii. If Ramen Sdn Bhd wants to maximize its profit, which inventory valuation method would you suggest Ramen to adopt? (2 marks) (CLO2:PLO2:C4) B. Outline the advantages of perpetual inventory system as compare to periodic inventory system. (3 marks) (CLO2:PLO2:C3)