Hi there,

Is my stock ledger card filled our correctly according to the instructions on my homework task?

POI Pty. Ltd. purchases comic books from publishers and resells them to customers. The company has a perpetual inventory system and assigns the cost of goods sold on a FIFO basis. The company has the following records for the financial year 2016/17: All figures exclude GST. Inventory on hand 1 July 2016 1200 units @ $20 per unit Purchases made during the financial year: 10/7/16 600 units @ $15 per unit 12/9/16 200 units @ $23 per unit 22/12/16 1400 units @ $16 per unit 3/2/17 400 units @ $14 per unit 5/5/17 100 units @ $22 per unit Sales made during the financial year: 15/7/16 1000 units sold 20/10/16 900 units sold 1/1/17 1400 units sold 3/4/17 200 units sold Stocktake on 30 June 2017 20 units damages and written off Required: Read the pdf document titled "Hints when using Excel" and use the Excel spreadsheet titled "POI Pty Ltd Stock Ledger Card Template" (both of which can be found in the LMS), to calculate the following: You are required to upload your completed the Excel Spreadsheet titled "POI Pty Ltd Stock Ledger Card Template" when you upload this assignment. 5a. Calculate: (refer to your completed Excel spreadsheet). Cost of Goods Sold using perpetual FIFO method $61,400 Closing inventory using perpetual FIFO method $6,1205b. Calculate: (refer to your completed Excel spreadsheet). Average inventory = (Opening inventory + Closing inventory) / 2 (show your workings): = 24,000 + 6,120/2 = $15,060 Document Name: FNBAGC406 Assignment Version: 20280406 Modified by Compliance MONARCH INSTITUTE Sc. Calculate: the inventory turnover ratio. Inventory Turnover Ratio = COGS / Average Inventory (show your workings): =61,400/15,060 = 4.077FN540217 Module 1.2 FNSACC405 Maintain Inventory Records Q5. POI Pty Ltd - Stock Ledger Card Purchases Sales Balance Unit Unit Total Unit Total Date Details Qty Cost Cost Cost Qty Cost Cost ($) ($) ($) ($) ($) 1/7/16 Opening 20 24,000 10-Jul 15 24,000 15 9,000 15-Jul 20 4,000 15 900 20 4,000 15 9,000 JE 4,600 20-Oct 4,000 9,000 2,300 100 23 2,300 15,300 22-Dec 100 2,300 1,400 16 22,400 1-Jan Sales 2,300