The following information has been extracted from the records of Bradbury Pty Ltd, which is a retailer of office stationery and art supplies. The company uses the perpetual inventory system to record the inventory of its products. Its monthly reporting date is 30 April. Required:Ignoring GST, complete the inventory stock record below for one of Bradbury’s products – a specialty pen. All transactions occurred in the month of April. Calculate the Cost of Sales (COS) for 30 April, assuming the FIFO Method. Calculate the Ending Inventory at 30 April, assuming the FIFO Method. Briefly define the term “FIFO” as an inventory method. (Note: please write your answers in by completing the table, as provided below.) DateTransactionQuantity$ Unit Cost1/04Beginning balance6005.006/04Purchases4005.2015/04Sold @ $10(sales price per unit))800?20/04Purchases6004.7525/04Sold @$12(sales price per unit)400?30/04Sales Return from 25/04 Sales100?COS Ending Inventory

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Description: The following information has been extracted from the records of Bradbury Pty Ltd, which is a retailer of office stationery and art supplies. The company uses the perpetual inventory system to record the inventory of its products. Its monthly reporti

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Answered: The following information has been…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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The following information has been extracted from the records of Bradbury Pty Ltd, which is a retailer of office stationery and art supplies. The company uses the perpetual inventory system to record the inventory of its products. Its monthly reporting date is 30 April.

Required:

Ignoring GST, complete the inventory stock record below for one of Bradbury’s products – a specialty pen. All transactions occurred in the month of April.
Calculate the Cost of Sales (COS) for 30 April, assuming the FIFO Method.
Calculate the Ending Inventory at 30 April, assuming the FIFO Method.
Briefly define the term “FIFO” as an inventory method.

(Note: please write your answers in by completing the table, as provided below.)

Date	Transaction	Quantity	$ Unit Cost
1/04	Beginning balance	600	5.00
6/04	Purchases	400	5.20
15/04	Sold @ $10(sales price per unit))	800	?
20/04	Purchases	600	4.75
25/04	Sold @$12(sales price per unit)	400	?
30/04	Sales Return from 25/04 Sales	100	?
COS
Ending Inventory

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