I need b Question 3a. Premier Berhad is a retailer operating in Kota Warisan. Premier Berhad uses the perpetualinventory method. You are provided with the following information for Premier Berhadfor the month of July 2022.DateJuly 1July 9July 12July 16July 21July 25July 29DescriptionBeginning InventoryPurchaseSalePurchaseSalePurchaseSaleRequired:Calculate the following using FIFO method:i. Cost of goods soldii. Ending inventoryUnits120240200140120160220Unit Cost orSelling PriceRM25263527402840 b. IKEA Berhad used the allowance method to account for uncollectible accounts.Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 daysRM2,500 note.1530Wrote off RM1,500 owed by Network Berhad.Received a RM6,000 5% 30 day note receivable from Calvin Co. asexchange for its RM6,000 account receivable.May 30June 30Use 360 days to calculate the interest.RequiredThe note received from Calvin Co. on April 30 was collected in full.ABR Co. was unable to pay the note on the due datePrepare general journal entries for the above transactions of IKEA Berhad.

Note Receivable = Note receivable is a long term Liabilities which is owned by the Borrower &…

b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 days RM2,500 note. 15 30 Wrote off RM1,500 owed by Network Berhad. Received a RM6,000 5% 30 day note receivable from Calvin Co. as exchange for its RM6,000 account receivable. May 30 June 30 Use 360 days to calculate the interest. Required The note received from Calvin Co. on April 30 was collected in full. ABR Co. was unable to pay the note on the due date Prepare general journal entries for the above transactions of IKEA Berhad.

b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 days RM2,500 note. 15 30 Wrote off RM1,500 owed by Network Berhad. Received a RM6,000 5% 30 day note receivable from Calvin Co. as exchange for its RM6,000 account receivable. May 30 June 30 Use 360 days to calculate the interest. Required The note received from Calvin Co. on April 30 was collected in full. ABR Co. was unable to pay the note on the due date Prepare general journal entries for the above transactions of IKEA Berhad.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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