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Provide the inventory record, using the moving average cost

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Reference no: EM133160555

Question - Yamu-Nahn is the sole retailer for the healthy exclusive 'Nan' bread in Port Dickson. On 1 March 2022, it had 1,000 boxes of Nan bread in hand that was purchased cost price was RM40 per box. It uses the perpetual inventory system.

Summary of Purchases and Sales in March 2022

Date

Purchases

Sales

Mar. 5

1100 units @ RM42

Mar. 9

2000 units @ RM90

Mar. 14

2600 units @ RM43

Mar. 19

2500 units @ RM90

Mar. 23

3500 units @ RM45

Mar. 29

3000 units @ RM100

Required -

(a) Provide the inventory record, using the Moving Average cost method, for the month of March 2022 showing the total purchases, cost of goods sold and the inventory.

(b) Show the necessary journal entries for the sale made on 19 March 2022.

The shape of Nans in 100 boxes of the inventory on 31 March 2022 was deformed. Hence, it could only be sold for RM44.10 each box.

(c) Calculate the value of the inventory after considering the principle, 'Lower of cost and net realizable value'.

Reference no: EM133160555

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