Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Phil's Camera Store opened on 1 July 2022 . The store sells a range of cameras. The business is not registered for GST. During July
Phil's Camera Store opened on 1 July 2022 . The store sells a range of cameras. The business is not registered for GST. During July 2022, Phil's Camera Store purchased and sold the following, for one of the camera models that it stocks: Phil's Camera Store will use the perpetual inventory system, and first in first out costing method. Required: (i) Prepare a perpetual inventory record for July, to summarise sales, purchases, cost of sales, and inventory on hand at the end of July 2022. (4 marks) (ii) Prepare journal entries to record the inventory transactions for July 2022, assuming that all purchases and sales were on cash terms. (4 marks) (iii) Calculate the gross profit for the month of July 2022. (1 mark) (iv) Calculate the gross profit percentage for the month of July 2022. (1 mark)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started