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Question - Kenari Plastics Sdn. Bhd., a subsidiary of Kenari Cahaya Malaysia, supplies commercial-use plastic bags to its customers in Peninsula Malaysia. There was an opening inventory, 90 units at RM5.80 per unit, brought forward from previous month. During September 2018, the company's operation had the following transactions:
Date
Purchases
Issued out to customer
September 2
280 units @ RM6.10 each
September 4
190 units@RM12 each
September 10
150 units @ RM6.30 each
September 14
210 units@15 each
The owner had not taken any money out of the business for living expenses. The total expenses incurred was RM2,800.
Required - (a) Using the MAVG methods to calculate the cost of goods sold and value of stock as at 30 September 2018.
(b) Prepare a statement of profit and loss for month ended 30 September 2018 in the columnar format, using MAVG methods in part (a).
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