Question 2 The following information is taken from the records of Webs Sdn Bhd

Question 2 The following information is taken from the records of Webs Sdn Bhd. The company uses the perpetual inventory system. Units Unit Cost (RM) Date Dec1 Description Opening inventory 100 1 Sale 80 Dec 5 Dec 6 Purchase 200 2 Dec 12 Purchase 125 3 Sale 300 Dec 13 Dec 19 Purchase 350 2 Dec 29 Purchase 150 1 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (1) FIFO (i) Weighted average. [11 mark] (b) Assume each unit was sold for RM5. Complete the following partial income statements [4 marks] FIFO Weightage Average Sales Less: Cost of Sales Gross Profit