Question 1 Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each)...

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Extracted text: Question 1 Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) brought forward from December 2021 During January 2022, the company's operations had the following transactions: Transferred from production 350 kg at RM2.10 each Date Issued out to customer Jan 2 Jan 3 980 kg @RM6 Jan 9 480 kg at RM2.20 each 630 kg at RM2.30 each Jan 13 Jan 18 Jan 25 1,050 kg@RM8 390 kg at RM2.40 each Additional information: The operating expenses for the month amounted to RM9,000. Required: (a) Using the following methods calculate the cost of goods sold as at 31 January 2022. (Round your answers to 2 decimal points. Eg: 3.127 =3.13) (i) First in, First out method (FIFO) (ii) Moving Average method (MAVG) (iii) Last in, First out method (LIFO) (b) Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profit or loss for the month ended 31 January 2022. Note: Show all your relevant working.