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Part A Gidgets Gadgets has the following movements in inventory for the month ofJune. 2:22;: Item Units Cost per unit S S 1/6 Opening Balance
Part A Gidget\"s Gadgets has the following movements in inventory for the month ofJune. 2:22;: Item Units Cost per unit S S 1/6 Opening Balance 1,000 34.00 34,000 5/6 Received 600 34.25 32,556 9/6 Issued 200 13/6 Received 600 $4.50 $2,700 19/6 Issued 900 22/6 Issued 300 25/6 Factory returned 200 - units issued on the 22nd 22/6 Received 200 $1,000 29/6 Issued 600 Required: a. Prepare a Store ledger record for the below movements for Gidget\"s Gadget using Weighted Average costing (rounding per unit cost to 2 decimals} and round stock value balances to the nearest dollar for a Perpetual inventory system for the month of June. b. Prepare a Store ledger record for the below movements for Gidget\"s Gadget using FIFO for a Perpetual inventory system for the month of June? c. Gidget's Gadgets have completed its June stockta ke. Minor adjustments have been made to the stores ledger records amounting to a net shortage of 3520. Record the adjusting general journal entry for this adjustment. Part B The following information relates to Sand 8t Soil Ltd: 0 if? Balance 100 Kilo @3100 per kg 0 3,\"? Received 200 kg @ 2.10 per kg 0 5,\"? Issued 250kg Indicate the correct answer: 1. Using FIFO costing, the issue 01'250 kg on July 5 will be costed at: a. $500.00 b. 5520.00 c. 5515.00 d. 5530.00 2. Using Weighted Average costing the issue on July 5 will be costed out at: a. $515.00 b. 5516.67 c. 5525.33 d. 5500.00
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