Question: The data below relates to Covid Sdn Bhd for the month of April. Stocks on 1st April were 0 unit. April purchases and sales were

The data below relates to Covid Sdn Bhd for the month of April. Stocks on 1st April were 0 unit. April purchases and sales were as follows

Date Purchases Sales Unit Cost (RM) Inventory Closing Inventory (Unit)
1-Apr 600 4.00 2,400 600
3-Apr 300 4.20 1,260 900
5-Apr 900 5.00 4,500 1,800
10-Apr 1,200 7.00 600
12-Apr 750 5.50 4,125 1,350
15-Apr 800 7.50 550
16-Apr 1000 6.00 6,000 1,550
18-Apr 150 6.00 900 1,700
22-Apr 800 8.50 900
24-Apr 300 6.00 1,800 1,200

Calculate the ending inventory, cost of goods sold and gross profit using the following methods:

a.FIFO b.LIFO

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!