12:11 pm Fri 29 May 18% FNSACC405 Mod1.2 Assignment-Student Copy 20200406 3 Home Insert Draw Layout Review View Calibri Bold (Body 11 B I U A.. A FNSCCAD5 Module 1.2 Assignment nat April 2020 Page 8 of 17 MM MONARCH Question 4 Stewart Ember Creations maintains inventory cards to record inventory movements and to help heir inventory. The c pany uses the perpetual invent The following transactions for SKU007 have be ded for the month of June All transactions exclude GST. For questions (b)(i) and (d)(i) 10% GST needs to added to the purchase cost listed for all credit purchases for Accounts Payable valuation purpos 1/6 Opening balance: 400 units on hand @ $25.00 per unit. 6/6 Purchase on credit of 200 units @ $26.00 per unit; total cost $5,200. 7/6 Sale of 170 units 9/6 Returned for credit to supplier 20 units (originally purchased on 6/6). 17/6 Sale of 130 units. 23/6 Purchase on credit of 120 units @ $27.00 per unit; total cost $3,240. 28/6 Sale of 160 units 0/6 Customer returned 10 units in good o on (originally sold on 17/6). 0/6 Stocktake reveals 235 units on hand. This gives rise to a stock variance when compared to the stock card balance. equired: (a) Complete a stock card using the Weighted Average Cost method (see next pages). (b) (1) Provide journal entries (see next pages) for Purchases. Remember to record the 10% GST. b) (il) Provide journal entries (see next pages) for Cost of Goods Sold and stock variance. c) Complete a stock card using the FIFO method (see next pages). (d) (i) Provide journal entries (see next pages) for Purchases. Remember to record the 10% GST. d) (il) Provide journal entries (see next pages) for Cost of Goods Sold and stock variance. (e) How does a FIFO cost method of inventory valuation differ from a weighted average cost method ? FNSCCAD5 Module 1.2 Assignment Student April 2020 Page s of 17 MONARCH a) Complete the stock card using the Weighted Average Cost method Stewart Ember Creations Using Weighted Average Cost Purchases Sales Balance Date ( if any Qty Cost cost Cost 01/06 Balance 25.00 10,000 06/06 Purchase 200 26.00 5,200 07/06 Sales 25.33 Purchase Return -20 26.00 520 17/06 Sales 23/06 Purchases 25.30 120 27.00 3,240 28/06 Sales 30/06 Sales Return Totals 300 7,920 30/06 Adjustment journal entries for Purchases : (D) (1) Provide journal entries for Cost of Goo Cost of Goods Sold for June inventory Loss Inventory Variance for June FNSCCADS Module 1 2 Assignment Student April 2020 Page 10 of 17 MONARCH12:12 pm Fri 29 May 18%