1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. The Marr Trading purchases and sells a single pra transactions during the month are as follows: Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600

College Accounting, Chapters 1-27
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Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business
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Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA
1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T
transactions during the month are as follows:
1
Date
Purchase
Sale
Unit
Total (RM)
(Unit)
2 March
5,500
24,500
7 March
7,000
20,000
13 March
2,200
19 March
4,000
12,000
22 March
2,600
28 March
2,000
Required:
(a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method
of pricing issues.
(b) Calculate the value of inventory for the financial year ended 31 March 2019.
(c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.
Transcribed Image Text:Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T transactions during the month are as follows: 1 Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600 28 March 2,000 Required: (a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method of pricing issues. (b) Calculate the value of inventory for the financial year ended 31 March 2019. (c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.
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