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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:

  1. 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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