QUIZ - AA015 TOPIC 8 ACCOUNTING FOR INVENTORIES

QUIZ

TOPIC 8 - ACCOUNTING FOR INVENTORIES

 

ANSWER ALL QUESTIONS (15 MARKS)

A.        Syarikat Anuar Din (SAD) inventory transactions recorded during the month of June 2023 are:

 

1 June 2023	Opening inventory 500 unit @ RM300 per unit
Purchase
7 Jun 2023	2000 unit  @ RM350 perunit
Sales
27 Jun 2023	1750 unit @ RM500 perunit

 

REQUIRED:

a)        Calculate the ending inventory as at 30 June 2023 if the company adopts First In First Out (FIFO) method using Periodic system.

(3 marks)

 

b)        Calculate the ending inventory as at 30 June 2023 if the company adopts First In First Out (FIFO) method using Perpetual system.

(4 marks)

 

c)         Ending inventory cost if the company adopts First In First Out (FIFO) method using Periodic system or Perpetual system are same. Correct or wrong?

(1 marks)

 

 

B.        Perniagaan Ziana has an opening inventory of RM600,000 at the beginning of year 2022. The company has made purchases of RM880,000 throughout the year 2022 and has returned damaged stocks that was purchased amounted to RM80,000. Sales for the year was RM1,600,000. The physical stock count conducted at the end of year 2022 revealed that the inventory value was RM400,000.

 

REQUIRED:

Prepare the journal entries to record the purchase, sale and purchase return transactions under Perpetual Inventory System and Periodic Inventory System separately.

(7 marks)

ANSWER:

 

 

As Salam and Hi everyone... My name is Puan Asmazatul Yusfiziati Binti Mohd Yusof CA(M) or you can call me Madam Fizi. I'm an Accounting lecturer at Negeri Sembilan Matriculation College (KMNS), Kementerian Pendidikan Malaysia. This blog (www.madamfizi.com) was created to share learning materials on the subject of Accounting for Matriculation, Form 6, Foundation, Diploma, Secondary School and related students.