Question:

During the year ended 30 June 2014, TooBakko Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST.

Question 1: Perpetual Inventor Y System with Retums Dur'ng the year ended 30 June 2014. TooBakko Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shovm below. Ignore GST. 2013 July 1 Inventu'yonhand 200mils$5mead1 30 Sales 120mils Aug. 25 Purchases 300S25 30 Sales 25tIIunits Sept. 3 Purchases 15tlunits@$5.30 1t} Purdrases returns damaged unitstrom 35eptember prrd'lase 30 Sales 300urits Dot 5 Purchases 300units@$5.4t] Dec. 8 Purchases 25tluritsa1$5.15 11 Sales 500mils 2014 Feb. 21 Purchases 150urits$5m Mare 18 Purchases 100milsat$560 April 30 Sales 300Irits May 2 Salesretrms 30unitsfrorn3llApnlsales,goodsretumedtoinventory 4 Purchases 250mil5@55.?0 June 6 Purchases 300mils$535 30 Sales 416t1urs TooBakko Ltd uses a perpetual inventory system. Required A Using dollars and cents in appropriate inventory reoords. determine the cost of the inventory at 30 June 201-1 under the following inventory cost ttow assumptions: . FIFO - Moving average [round to the nearest cent). B. Assum'ng that a physical oount at 30 June 2014 determined that only 300 units remained i1 inventory, prepare the ioumal entry to record the fact that some units had gone miss'ng. C. Using the moving average method prepare the Inventory Control Cost of Sales and Sales acoourrts CTaooount fomrat], assuming that these aooounts are balanoed yearly on 30 June. Assume as well that the physrlol oount of inventory was as mentioned in requirement B above