Question 1 13 marks Sammy operates Tiny Tots Toys a retailer that sells a wide range of educational toys. Reports are prepared monthly As at 30 June 2021. you as the accountant recognised that the inventory cards is incomplete for the following transactions and information had not been recorded Jun 1 Inventory on hand: Doll Houses 22 unit, 5 with a cost price of 512 and 17 with a cost price of $13, Drum Kes: 17 chairs all costing $15 each Jun 3 Cash sale of four Drum Kits for $30 each, plus GST of $3 (Rec. 9) Jun 5 Sold three Doll Houses for $72 cash, plus GST (EFT) Jun 7 Cash sale of nine Dolls house for S216 plus $21.60 GST (Rec. 10) Jun 9 Purchased 15 more Doll Houses at a cost of $15 each, plus $1.50 GST (Inv. 38) Jun 11 Sold five Plastic Drum Kits for $150 cash, plus 515 GST (Rec. 11) Jun 14 The business donated 3 Drum Kits to Mi Park Secondary College (Memo 12) Jun 17 Purchased 10 Plastic Drum Kits for S16 each plus $1.60 GST (EFT) Jun 18 The business owner withdrew one Plastic Drum Kit for personal use (Memo 13) Jun 20 Sold eight Doll Houses for $24 each plus $240 GST (Rec 12 Jun 23 Cash sale of six Plastic Drum Kits for $180, plus $18 GST Rec. 13) Additional Information Tiny Tots adopts FIFO as its inventory valuation method The usual selling price of Plastic Drum Kits is $30 plus GST each and for the Doll Houses $24 plus GST each After these transactions were taken into account, a physical inventory count on 30 June 2020 showed the following Plastic Drum Kits - there were & Drumkits on hand Memo 14) Doll Houses. The physical inventory countequaled inventory levels in the inventory card Required a) Record the above transactions in the below inventory cards (11 marks) Inventory card Plastic Drum Kits Date Document IN Valuation method: FIFO OUT BALANCE Inventory card: Doll House Date Document IN Valuation method: FIFO OUT BALANCE b) Using the additional information of the physical stocktake record the inventory loss in the inventory card (2) END OF ASSESSMENT