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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

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 Inventory on hand 200 u..s@$5.00 each 30 Sales 120 units Aug. 25 Purchases 300 @ $5.25 30 Sales 250 units Sept. 3 Purchases 450 units @$5.30 10 Purchases returns 50 damaged units from 3 September purchase 30 Sales 300 units Oct. 5 Purchases 300 units @$5.40 Dec. 8 Purchases 250 units at $5.45 2014 11 Sales 500 units Feb. 21 Purchases 150 units @$5.50 Marc 18 Purchases 100 units at $5.60 April 30 Sales 300 units May 2 Sales returns 30unitsfrom30April sales,goods returnedtoinventory 4 Purchases 250 u..s@$5.70 June 6 Purchases 300 units @$5.85 30 Sales 460 units 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. Using the moving average method, prepare the Inventory Control, Cost of Sales and Sales accounts CT-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 requirement B above.

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