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# Hi there, Is my stock ledger card filled our correctly according to...

Hi there,

Is my stock ledger card filled our correctly according to the instructions on my homework task?

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FN540217 Module 1.2 FNSACC405 Maintain Inventory Records Q5. POI Pty Ltd - Stock Ledger Card Purchases Sales Balance Unit Unit Total Unit Total Date Details Qty Cost Cost Cost Qty Cost Cost (\$) (\$) (\$) (\$) (\$) 1/7/16 Opening 20 24,000 10-Jul 15 24,000 15 9,000 15-Jul 20 4,000 15 900 20 4,000 15 9,000 JE 4,600 20-Oct 4,000 9,000 2,300 100 23 2,300 15,300 22-Dec 100 2,300 1,400 16 22,400 1-Jan Sales 2,300

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5b. Calculate: (refer to your completed Excel spreadsheet). Average inventory = (Opening inventory + Closing inventory) / 2 (show your workings): = 24,000 + 6,120/2 = \$15,060 Document Name: FNBAGC406 Assignment Version: 20280406 Modified by Compliance MONARCH INSTITUTE Sc. Calculate: the inventory turnover ratio. Inventory Turnover Ratio = COGS / Average Inventory (show your workings): =61,400/15,060 = 4.077

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POI Pty. Ltd. purchases comic books from publishers and resells them to customers. The company has a perpetual inventory system and assigns the cost of goods sold on a FIFO basis. The company has the following records for the financial year 2016/17: All figures exclude GST. Inventory on hand 1 July 2016 1200 units @ \$20 per unit Purchases made during the financial year: 10/7/16 600 units @ \$15 per unit 12/9/16 200 units @ \$23 per unit 22/12/16 1400 units @ \$16 per unit 3/2/17 400 units @ \$14 per unit 5/5/17 100 units @ \$22 per unit Sales made during the financial year: 15/7/16 1000 units sold 20/10/16 900 units sold 1/1/17 1400 units sold 3/4/17 200 units sold Stocktake on 30 June 2017 20 units damages and written off Required: Read the pdf document titled &quot;Hints when using Excel&quot; and use the Excel spreadsheet titled &quot;POI Pty Ltd Stock Ledger Card Template&quot; (both of which can be found in the LMS), to calculate the following: You are required to upload your completed the Excel Spreadsheet titled &quot;POI Pty Ltd Stock Ledger Card Template&quot; when you upload this assignment. 5a. Calculate: (refer to your completed Excel spreadsheet). Cost of Goods Sold using perpetual FIFO method \$61,400 Closing inventory using perpetual FIFO method \$6,120

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