During the year ended 30 June 2014, TooBakko Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST. 

2013 

July 1 30 

Inventory on hand Sales 

200 units @ $5.00 each 120 u..0@$5.25

250 units 

450 units @$5.30

50 damaged units from 3 September purchase 300 units

300 units @ $5.40

250 units at $5.45

500 u..s@$5.50

100 units at $5.60

300 units

30 units from 30 April sales, goods returned to inventory 250 units @ $..s@$5.85 460 units 

Aug. 25 

Purchases

Sales

Purchases Purchases returns Sales 

Sept. 

Oct. Dec. 

2014 

30 3 10 30 5 8 11 

Purchases Purchases Sales 

Feb. 21 Marc 18 

Purchases Purchases Sales

Sales returns Purchases Purchases Sales 

April 30 May 2 4 June 6 

30 

TooBakko Ltd uses a perpetual inventory system. 

Required 

A. Using dollars and cents in appropriate inventory records, determine the cost of the inventory at 30 June 2014 under the following inventory cost flow assumptions: 

• FIFO 

• Moving average (round to the nearest cent). 

B. Assuming that a physical count at 30 June 2014 determined that only 300 units remained in inventory, prepare the 

journal entry to record the fact that some units had gone missing. 

C. Usingthemovingaveragemethod,preparetheInventoryControl,CostofSalesandSalesaccountsCT-accountformat), 

assuming that these accounts are balanced yearly on 30 June. Assume as well that the physical count of inventory was as mentioned in requirement B above.