During the year ended 30 June 2019, Laing Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST.

Laing 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 2019 under the following inventory cost flow assumptions:
i. FIFO 

ii. moving average (round to the nearest cent).

(b) Assuming that a physical count at 30 June 2019 determined that only 325 units remained in inventory, prepare the journal entry to record the fact that some units had gone missing.

(c) Using the moving average method, prepare the Inventory Control, Cost of Sales and Sales accounts (T‐account format), assuming that these accounts are balanced yearly on 30 June.
Assume as well that the physical count of inventory was as mentioned in requirement (b) above.

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2018 July 1 30 Aug. 25 Purchases 30 Sept. 3 10 30 Sales Oct. 5 Purchases Dec. 8 Purchases 11 Sales Inventory on hand Sales Sales Purchases Purchases returns 210 units @ $5.00 each 125 units 320 @ $5.25 260 units 450 units @ $5.30 50 damaged units from 3 September purchase 300 units 300 units @ $5.40 250 units at $5.45 500 units 2019 Feb. March 18 April 30 28 21 Purchases 150 units @ $5.50 Purchases 100 units at $5.60 Sales 300 units