Cam wants to keep better track of their inventory as some of the stock they have...

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Cam wants to keep better track of their inventory as some of the stock they have is quite expensive. Cam has collected some information on few items of inventory and even tried completing a stock card for one but is really unsure what they are doing. Date Basic Macro Lens - July Opening Balance on July 1 - 3 lenses valued at $345 Selling Price - $265 per lens Purchases Sales July 1 5 lenses @ $120 each 4 2 lenses 5 1 lens 6 4 lenses @ $125 each 1 lens 6 lenses 9 14 17 Returned 2 lenses from August 6 purchase (packaging was damaged) 10 lenses @ $130 each A stocktake on July 20 indicated 10 lenses on hand Retro Polariod - July wwww Opening Balance on July 1 - 12 cameras valued at $960 Selling Price - $220 per camera Date Purchases July 6 8 cameras @ $75 each 7 11 6 cameras @ $80 each 13 15 18 19 Sales 6 cameras 10 cameras @ $82 each 5 cameras 7 cameras 2 cameras returned (battery malfunction) A stocktake on July indicated 22 cameras on hand QUESTION 2 - 14 marks Using the relevant information from page 4 of the Information Booklet REQUIRED: A. Complete the stock card provided below for Retro Polaroid using the FIFO method of inventory valuation. B. Calculate the Cost of Goods sold for Basic Macro Lens in the July using the Periodic Weighted Average method. Question 2 Part B (Enter answers here) Question 2 Part A Date In Out Balance Quantity Unit Total Quantity Unit Total Quantity Unit Total Cost Cost Cost Cost Cost Cost Page 5 of 13 Cam wants to keep better track of their inventory as some of the stock they have is quite expensive. Cam has collected some information on few items of inventory and even tried completing a stock card for one but is really unsure what they are doing. Date Basic Macro Lens - July Opening Balance on July 1 - 3 lenses valued at $345 Selling Price - $265 per lens Purchases Sales July 1 5 lenses @ $120 each 4 2 lenses 5 1 lens 6 4 lenses @ $125 each 1 lens 6 lenses 9 14 17 Returned 2 lenses from August 6 purchase (packaging was damaged) 10 lenses @ $130 each A stocktake on July 20 indicated 10 lenses on hand Retro Polariod - July wwww Opening Balance on July 1 - 12 cameras valued at $960 Selling Price - $220 per camera Date Purchases July 6 8 cameras @ $75 each 7 11 6 cameras @ $80 each 13 15 18 19 Sales 6 cameras 10 cameras @ $82 each 5 cameras 7 cameras 2 cameras returned (battery malfunction) A stocktake on July indicated 22 cameras on hand QUESTION 2 - 14 marks Using the relevant information from page 4 of the Information Booklet REQUIRED: A. Complete the stock card provided below for Retro Polaroid using the FIFO method of inventory valuation. B. Calculate the Cost of Goods sold for Basic Macro Lens in the July using the Periodic Weighted Average method. Question 2 Part B (Enter answers here) Question 2 Part A Date In Out Balance Quantity Unit Total Quantity Unit Total Quantity Unit Total Cost Cost Cost Cost Cost Cost Page 5 of 13

Answer rating: 100% (QA)

Question A Complete the stock card for Retro Polaroid using the FIFO method Stock card for Retro Pol... View the full answer