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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.
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