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
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