Determine gross profit from selling inventory in November

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Question - On 1 November 2019, JS Company held 300 units of finished goods in inventory. The company use perpetual inventory system. These were valued at RM12 each. During November 2019 three batches of finished goods were received into store from the production department, as follows:

Date

Units received

Production cost per unit

10 November

400

RM12.50

20 November

400

RM14

25 November

400

RM15

Goods sold out of inventory during November were as follows:

Date

Units sold

Sale price per unit

14 November

500

RM20

21 November

500

RM20

28 November

100

RM20

Required - Determine the gross profit from selling inventory in November 2019, applying the following principles of inventory valuation:

(a) FIFO

(b) Average cost.

Reference no: EM132489300

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