During the year ended 30 June 2024 Templeson Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST.

Required

(a) Using dollars and cents in appropriate inventory records, determine the cost of the inventory at 30 June 2024 under the following inventory cost flow assumptions:
i. FIFO ii. moving average (round to the nearest cent).

(b) Assuming that a physical count at 30 June 2024 determined that only 325 units remained in inventory, prepare the journal entry to record the fact that some units had gone missing.

(c) Using the moving average method, prepare the Inventory Control, Cost of Sales and Sales accounts (T account format) assuming that these accounts are balanced yearly on 30 June. Assume as well that the physical count of inventory was as mentioned in

(b) above.

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Inventory on hand 210 units @ $5.00 each Sales Purchases Purchases returns 2023 July 1 30 Aug.25 Purchases 30 Sales Sept. 3 10 30 Sales Oct. 5 Purchases Dec. 8 Purchases 11 Sales 2024 Feb. 21 Purchases Mar.18 Purchases Apr.30 Sales May 2 Sales returns 4 Purchases Jun. 6 Purchases 30 Sales 125 units 320 @ $5.25 each 260 units 450 units @ $5.30 each 50 damaged units from 3 September purchase 300 units 300 units @ $5.40 each 250 units at $5.45 each 500 units 150 units @ $5.50 each 100 units at $5.60 each 300 units 30 units from 30 April sales, goods returned to inventory 250 units @ $5.70 each 300 units @ $5.85 each 460 units Templeson Ltd uses a perpetual inventory system.