management accounting

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its an question solving descriptive assignment regarding managenent accounting. Document Preview: 1 Unit: ACC102 – Fundamentals of Accounting II Submission Date: 14-Oct-2014 before 6.00 pm Weighting: The assignment is worth 20% of the total unit weight. Instructions: 1. Students are required to cover all stated requirements. 2. Your answer must be both uploaded to Moodle in word file and handed over a printed copy. 3. You need to support your answers with appropriate Harvard style references where necessary. 4. Only include information in your appendixes that has been directly referred to in the body of your document. 5. Include a title/cover page containing the subject title and code and the name, student id numbers. 6. Please save the document as ACC101AT2_first name_Surename_Student Number Eg: ACC101AT2_John_Smith_20140000 2 Question 1: Perpetual Inventor Y System with Returns During the year ended 30 June 2014, TooBakko Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST. 2013 July 1 Inventory on hand 200 units @$5.00 each 30 Sales 120 units Aug. 25 Purchases 300 @$5.25 30 Sales 250 units Sept. 3 Purchases 450 units @$5.30 10 Purchases returns 50 damaged units from 3 September purchase 30 Sales 300 units Oct. 5 Purchases 300 units @$5.40 Dec. 8 Purchases 250 units at $5.45 2014 11 Sales 500 units Feb. 21 Purchases 150 units @$5.50 March 18 Purchases 100 units at $5.60 April 30 Sales 300 units May 2 Sales returns 30 units from 30 April sales, goods returned to inventory 4 Purchases 250 units @$5.70 June 6 Purchases 300 units @$5.85 30 Sales 460 units TooBakko Ltd uses a perpetual inventory system. Required A. Using dollars and cents in appropriate inventory records, determine the cost of the inventory at 30 June 2014 under the following inventory cost flow assumptions: ? FIFO ? Moving average (round to the nearest cent). B. Assuming that a physical count at 30 June 2014 determined that only 300 units remained in inventory, prepare the journal entry to record the fact that some units had gone missing. C. Using... Attachments: Assignment-Ta....pdf

 

Solution ID:565838 | This paper was updated on 26-Nov-2015

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