REVISION 6
:
FINAL SEMESTER 1 SESSION 2020/2021
QUESTION 2 (20 MARKS) - 28 minutes
a.
Perniagaan Lautan Samudera (PLS) provides the following inventory information for
September 2014. This business uses perpetual inventory system with an average method
of calculating the cost of the inventory.
Perniagaan Lautan Samudera (PLS) menyediakan maklumat inventori berikut bagi bulan
September 2014. Perniagaan ini menggunakan sistem inventori berterusan dengan kaedah
purata dalam mengira kos inventori.
Date
Sept 1
3
6
10
11
18
23
27
30
Transaction
Unit
Balance
Purchase
Sales
Purchase
Purchase
Sales
Purchase
Sales
Sales
100
200
220
160
140
200
175
100
50
Price per unit
RM
12.00
11.80
15.00
11.60
11.20
14.90
11.00
14.90
14.80
REQUIRED :
i.
Calculate the cost of goods sold and the value of the final inventory by September 30,
2014. by using the appropriate schedule.
(round up the average price to two decimal places)
ii.
Prepare journal entries for sales Sept 6 and purchases on Sept 10 ( Assume all transaction
are on cash)
iii.
Calculate the cost of ending inventory if PLS
method.
.
1
uses periodic inventory system with FIFO