Accoun Assignment q4.pdf - Question 4 i Perpetual FIFO...

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Question 4 i- Perpetual FIFO Method Date Purchase Sales Closing Stock Q UP RM Q UP RM Q UP RM 5 Jan 10 10 100 10 10 100 24 Feb 8 24 192 2 10 20 2 10 20 25 Feb 24 12 288 24 12 288 15 Mar 30 13 390 30 13 390 20 Apr 42 14 588 42 14 588 30 Jun 16 11 176 16 11 176 1 462 15 Jul 46 28 1 288 12 14 168 1 1Aug 40 25 1 000 16 11 176 344 30 Aug 22 12.50 275 12 14 168 16 11 176 22 12.50 275 619 12 Sept 12 23 276 16 11 176 22 12.50 275 451 19 Nov 18 15 270 16 11 176 22 12.50 275 18 15 270
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721 21 Nov 42 26 1092 14 15 210 20 Dec 26 13.50 351 14 15 210 26 13.50 351 561 Purchase = 2 438 Sales = 3848 Closing Stock= 561 a) Calculation the net profit for FIFO if the operating expenses is RM 1,000 RM RM Sales 3 848 LESS Purchases 2 438 Less: Closing Inventory (561) (1 877) GROSS PROFIT 1 971 LESS: Operating Expenses
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