Question 1Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesaleand retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) broughtforward from December 2021 During January 2022, the company's operations had the followingtransactions:Transferred from production350 kg at RM2.10 eachDate| Issued out to customerJan 2Jan 3980 kg @RM6480 kg at RM2.20 each630 kg at RM2.30 eachJan 9Jan 13Jan 18Jan 25390 kg at RM2.40 each1,050 kg@RM8Additional information:The operating expenses for the month amounted to RM9,000.Required:(a)Using the following methods calculate the cost of goods sold as at 31 January 2022.(Round your answers to 2 decimal points. Eg: 3.127 =3.13)(i)First in, First out method (FIFO)(ii)Moving Average method (MAVG)(iii) Last in, First out method (LIFO)(b)Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profitor loss for the month ended 31 January 2022.Note: Show all your relevant working.

The FIFO method is known as First-in-First-Out. Under this method, the earliest inventory is sold…

Required: (a) Using the following methods calculate the cost of goods sold as at 31 January 2022. (Round your answers to 2 decimal points. Eg: 3.127 =3.13) (i) First in, First out method (FIFO) (ii) Moving Average method (MAVG) (iii) Last in, First out method (LIFO) (b) Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profit or loss for the month ended 31 January 2022. Note: Show all your relevant working.

Required: (a) Using the following methods calculate the cost of goods sold as at 31 January 2022. (Round your answers to 2 decimal points. Eg: 3.127 =3.13) (i) First in, First out method (FIFO) (ii) Moving Average method (MAVG) (iii) Last in, First out method (LIFO) (b) Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profit or loss for the month ended 31 January 2022. Note: Show all your relevant working.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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