Part 1

Using the inventory flow assumptions of weighted average, LIFO and FIFO calculate the inventory and cost of goods sold for an organisation with the following transactions and records and use the information to develop an inventory report/ comparison report. Present your calculations and any relevant assumptions in a report format suited to the financial services industry.

The organisation's records show the inventory and the purchases to be:

Opening inventory

350 units @ $25

Purchases

December 1

300 units @ $30

February 17

500 units @ $28

April 21

250 units @ $35

June 6

300 units @ $35

The organisation has an opening inventory of 350 units and a closing inventory of 650. Sales figures for the period were $108 000.

Part 2

1. Describe the procedures you would follow in a work organisation, to determine and confirm work requirements, in particular those relevant to this task.
2. Make a verbal presentation of the inventory report/ comparison report you developed, to demonstrate your communication skills. Use language and concepts appropriate to cultural differences and demonstrate your ability to share information that is clear, concise and accurate. You can use Power Point slides, charts or any other presentation aids you require and you might choose to record your presentation.

Submit the report, the presentation notes and any visual aids you used.