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FIFO, LIFO and Weighted average Karanbir Air Conditioning records its inventory of air conditioners by using a periodic inventory system. The following details are supplied

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FIFO, LIFO and Weighted average Karanbir Air Conditioning records its inventory of air conditioners by using a periodic inventory system. The following details are supplied for one popular make and model for the month of June 2020. Ignore GST. Quantity Unit Cost Total Costs On hand as at 1 June 2020 S50,000 Purchases: 3/06/2020 $63,000 15/06/2020 $48,000 22/06/2020 S65,000 Available for sale $226,000 Sold ? Ending Inventory ? 500 S100 600 S105 S120 S1301 400 500 2.000 900 1.100 FIFO LIFO Avg Cost Cost of Goods Sold Ending Inventory Check: Avail for Sale CASE STUDY I-SERVICE ORGANISATION Bandana provided the following information for March 2020. Transactions / Events Revenue for March of $8,000 plus GST, in cash and S15,000 plus GST on credit 2 Received payment from customers on account of $3,000 and banked the receipts. 3 Received a bill for advertising for March, $2,000 plus GST, 4 Invested additional $20,000 capital in the business S Received rent bill of $14,300 including GST for March 6 Paid wages for the first half of the month of $10,000 7 Incurred wages for the second half of the month of $10,000 (not paid yet) & Received a bill for utility for March, $1,200 plus GST, 9 Received a bill for telephone for March, S400 plus GST, 10 Accrued superannuation for March, 9.5% of gross wage 11 Monthly depreciation expense on Motor Vehicle, 5600 12 Insurance premium expired for March, S100 13 Expected bad debt for the month, $825 Required; Ignore PAYG withholding and Income Tax. A) Journalise the above transactions B) Prepare the income statement for the month of March 2020 Note; Bandana paid 12-months insurance premium on 1 July 2019, and the payment was recorded on with a debit to 'Pre-paid Insurance' and a credit to 'Cash' Bandana uses the allowance method to account for bad debts expense

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