Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. Units Unit price $ June1 Inventory 6100 2.20 4 Purchases 4,600 2.25 9 Sales 4,100 12 Purchases 4,100 2.40 21 Sales 6,000 26 Purchases 3,100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700units in inventory. Ignore GST. Required:a)Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June.
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.
Units Unit price $
June1 Inventory 6100 2.20
4 Purchases 4,600 2.25
9 Sales 4,100
12 Purchases 4,100 2.40
21 Sales 6,000
26 Purchases 3,100 2.50
Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700units in inventory. Ignore GST.
Required:a)Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June.
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