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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Question 1
Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale
and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) brought
forward from December 2021 During January 2022, the company's operations had the following
transactions:
Transferred from production
350 kg at RM2.10 each
Date
| Issued out to customer
Jan 2
Jan 3
980 kg @RM6
480 kg at RM2.20 each
630 kg at RM2.30 each
Jan 9
Jan 13
Jan 18
Jan 25
390 kg at RM2.40 each
1,050 kg@RM8
Additional 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 profit
or loss for the month ended 31 January 2022.
Note: Show all your relevant working.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b3a07d4-a240-42e2-990d-7edf78724182%2Fd286a308-b35a-452b-9577-d04e2f13577d%2F1i8ja79_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 1
Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale
and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) brought
forward from December 2021 During January 2022, the company's operations had the following
transactions:
Transferred from production
350 kg at RM2.10 each
Date
| Issued out to customer
Jan 2
Jan 3
980 kg @RM6
480 kg at RM2.20 each
630 kg at RM2.30 each
Jan 9
Jan 13
Jan 18
Jan 25
390 kg at RM2.40 each
1,050 kg@RM8
Additional 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 profit
or loss for the month ended 31 January 2022.
Note: Show all your relevant working.
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