Reference no: EM133124563
Question - Jitra Bhd (JB) sells health care product. Following is the information for its inventory for the month of December 2021.
Date Transactions
1 Dec Inventory on hand consists of 500 units at RM14 each.
8 Dec Sold merchandise for RM9,000 (300 units @ RM30), f.o.b. destination, to a customer in Ampang, Kuala Lumpur. The customer was scheduled to receive the merchandise on 9 December 2021.
10 Dec Purchased merchandise costing RM10,500 (700 units @ RM15) from a vendor, f.o.b. shipping point, 2/10, n/30. The merchandise was received on 14 December 2021. The transportation cost was RM140.
15 Dec Purchased merchandise costing RM6,200 (400 units @ RM15.50) from a vendor, f.o.b. destination, 2/10, n/30. The merchandise was received on 19 December 2021. The transportation cost was RM80.
20 Dec Sold merchandise for RM15,000 (500 units @ RM30), f.o.b. shipping point, to a customer in Sungai Petani, Kedah. The customer was scheduled to receive the merchandise on 22 December 2021.
27 Dec Purchased merchandise costing RM16,000 (1,000 units @ RM16) from a vendor, f.o.b. destination, 2/10, n/30. The merchandise was received on 2 January 2022. The transportation cost was RM200.
JB uses perpetual inventory system for maintaining inventory records. The policy of the company is to record purchases using the net method.
Required -
(a) Prepare a schedule to calculate the cost of inventory on hand at 31 December 2021 and the cost of goods sold for the month ended 31 December 2021 using:
i. the FIFO cost method
ii. the moving average cost method.
(b) Explain whether the physical inventory should be equal to the amount indicated by the inventory record under the perpetual inventory system.
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