2108AFE Topic 3 Assessable Practical Work and Reflection Questions.docx

2108AFE Topic 3 Assessable Practical Work and Reflection Questions.docx

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2108AFE Topic 3 Assessable Practical Work and Reflection 2108AFE Financial Accounting Assessable Practical Work and Reflection Topic 3 – Inventory and Retail Operations Question 1 ABC Ltd has the following information related to its inventory for December: Date Item Quantity Unit Cost 1 st December Beginning Inventory 15 220 6 th December Sale 12 9 th December Purchase 3 250 25 th December Sale 5 30 th December Purchase 4 270 ABC Ltd uses a perpetual inventory system with FIFO costing. Required : (a) Complete the following inventory record below. Inventory Record. Date Purchases Cost of Sales Inventory on Hand Quantit y Unit Cost Total Cost Quantit y Unit Cost Total Cost Quantit y Unit Cost Total Cost 1/12 15 220 3300 6/12 12 220 2640 3 220 660 9/12 3 250 750 3 220 660 3 250 750 25/12 3 220 660 2 250 500 1 250 250 30/12 4 270 1080 1 250 250 4 270 1080 TOTALS $1,830 $3,800 $1,330 (b) What would Cost of Sales be if ABC Ltd used a periodic inventory system with FIFO costing? Show your workings.
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  • Two '17
  • Assessable Practical Work

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