SuperSpinner is a company that manufactures and sells a multi-functional fidget spinner. The fidget spinner is very popular amounts all ages and has a retail price of $5.00. The beginning inventory of the fidget spinner (product code FS9102022) and information regarding all purchases and sales for the month of June are presented below:

SuperSpinner Ltd uses the perpetual inventory system, and all purchases and sales are on credit. A stocktake on 30 June revealed 5150 units of fidget spinners in stock. Ignore GST.
Required

(a) Using the FIFO method, prepare appropriate purchases and sales journals to record these events.

(b) Prepare an appropriate inventory record for the fidget spinner for June, and post the journals prepared in requirement (a) above to the appropriate general ledger accounts.

(c) Prepare a Statement of Profit or Loss for Super Spinner Ltd for the month of June.

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June 1 Inventory 6100 units @ $2.20 4 Purchases 9 Sales 12 Purchases 4600 units @ 2.25 4100 units 4100 units @ 2.40 21 Sales 24 Sales 3100 units 2900 units 26 Purchases 3100 units @ 2.50 30 Sales 2600 units