Task 4 continued: Below is the completed stock card of XYZ enterprises using the FIFO method of inventory pricing and maintaining a perpetual inventory system disclosed: Date Details dry Purchases Unt Cost S Total Coil 3 Cost of Goods Sold (COGS) Oty w Cost Un Cout $ or 01/07/20x1 Opening balance 05/07/20x2 Purchases 80 8.00 640.00 13/07/201 Sales 48 9.00 432.00 Inventory Balance Cou Cart 3 60 9.00 540.00 60 9.00 540.00 10 8.00 640.00 140 1,180.00 12 9.00 100.00 8.00 640.00 92 748.00 12 9.00 109.00 30 8.00 640.00 60 9.00 500.00 152 1,281.00 19/07/20/1 Purchases 60 9.00 540.00 24/07/20x1 Sales 56 5041.00 29/07/20x1 Sales 11/07/2011 Stocktake Variance 12 9.00 80 3.00 4 9.00 32 9.00 4 9.00 Total Cost of Goods sold including stock variance) 108,00 640,00 36.00 288.00 16.00 1.540.00 9.00 9,00 24 216.00 20 9.00 180.00 NORM room Task 4 Continued XYZ Enterprises records all journal entries (including cash transactions) in a General Journal and records inventory using the perpetual inventory system. Required: a) The general journal entries to record the purchases of inventory on credit on 5 July and 19 July under a perpetual inventory system. Date Particulars Dr Cr 5/7 Purchase of inventory on credit - 5 July 19/7 1 Purchase of inventory on credit - 19 July b) The general journal entries to record: Cash Sale for 13 July assuming a unit selling price of $25 plus GST for all units sold Cost of goods sold for the sale on 13 July (to be obtained from the stockcard) Date Particulars Dr Cr 13/7 Cash sales - 13 July I Cost of Goods Sold Document title: FNSACC405 AE kn lofs Page 21 of 27 NSW TAFE c) The general journal entries to record: Cash Sale for 24 July assuming a unit selling price of $25 plus GST for all units sold Cost of goods sold for the sale on 24 July (to be obtained from the stockcard) . Particulars Dr Cr Date 24/7 Cash sales - 24 July Cost of Goods Sold d) The general journal entries to record: Cash Sale for 29 July assuming a unit selling price of $25 plus GST for all units sold Cost of goods sold for the sale on 29 July (to be obtained from the stockcard) . . Date Particulars Dr Cr 29/7 I Cash sales - 29 July Cost of Goods Sold f) Post the relevant figures from journals b) to e) above to the Sales and Cost of Goods Sold General Ledger accounts. General Ledger of XYZ Enterprises Sales Cost of Goods Sold M Red