QUESTION 3 Table below shows the ending inventory of FS Bhd at cost and at...
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Accounting
QUESTION 3
Table below shows the ending inventory of FS Bhd at cost and at LCNRV at 31 December 31 2017; 31 December 2018; and 31 December 2019.
Costs (RM)
LCNRV (RM)
31 Dec 2017
325,000
325,000
31 Dec 2018
390,000
356,000
31 Dec 2019
452,500
415,000
REQUIRED:
Prepare the journal entries at 31 December 2018 and at 31 December 2019, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used.
b. Prepare the journal entries required at 31 December 2018 and at 31 December 2019, assuming that a perpetual inventory system and reduced to LCNRV using the loss method.
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