Solution-Evaluate the cost of goods sold and ending

Evaluate the cost of goods sold and ending inventory

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Reference no: EM132585047

Mohsin Sdn. Bhd. has the following information on inventory purchases, and sales for the month of May 2020.

Inventory, May 1	100 units	at RM8.50 each unit	RM 850
Purchases:
May 15	25 units	at RM10 each unit	RM250
May 24	40 units	at RM15.95 each unit	RM638
Sales:
May 20	35 units	at RM20 each unit
May 25	43 units	at RM25 each unit

Operating expenses for the month of May, RM454.

Required:

Question a. Under the perpetual inventory system, determine the cost of goods sold and ending inventory under the weighted average cost method.

Question b. Calculate the gross profit and profit for the month.

Question c. Assume at the end of May, all unsold inventory can only be sold at RM7 (market value) each unit. Record the journal entry to adjust the inventory amount to be reported at Lower of cost or market (LCM) in the SOFP.

Reference no: EM132585047

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Evaluate the cost of goods sold and ending inventory

Reference no: EM132585047

Reference no: EM132585047

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