Farisha Trading uses the perpetual inventory system and reports the following in

Question

Farisha Trading uses the perpetual inventory system and reports the following inventory, purchases and sales for the month of July. ExplanationDate Inventory: Purchases: July 1 July 10 July 20 July 30 July 15 July 25 UnitsPer Unit 200RM4.00 500 RM4.50 400 RM4.7:5 300 RM5.00 500RM6.00 400RM7.00 Sales: The physical inventory count on July 31 shows 500 units on hand. Required: Using First in, First out (FIFO) method; 1) Calculate the ending inventory and cost of goods sold. 2) Determine the total sales and gross profit. (10 marks) (5 marks) (Total: 25 marks)

Explanation / Answer

Farisha Trading uses the perpetual inventory system and reports the following in

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