During the year ended 30 June 2016, Laing Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST.

2015
July    1         30 Aug. 25         30 Sept.  3         10         30 Oct.    5 Dec.   8         11	Inventory on hand Sales Purchases Sales Purchases Purchases returns Sales Purchases Purchases Sales	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
2016
Feb. 21 March 18 April 30 May   2           4 June   6         30	Purchases Purchases Sales Sales returns Purchases Purchases Sales	150 units @ $5.50 100 units at $5.60 300 units 30 units from 30 April sales, goods returned to inventory 250 units @ $5.70 300 units @ $5.85 460 units

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 2016 under the following inventory cost flow assumptions:

·FIFO

·Moving average (round to the nearest cent)

B. Assuming that a physical count at 30 June 2016 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 B. above.