Question: 11:117 ..il 4G AA learn-ap-southeast-2-pre Question 2 (10 marks) The following information relates to the inventory of a small appliance in the records of Power

11:117 ..il 4G AA learn-ap-southeast-2-pre Question 2 (10 marks) The following information relates to the inventory of a small appliance in the records of Power Ltd during the month of June 20XX. Ignore GST. Dute Transaction No of units Unico Umit price Tools Sales Jung 1 Beginning balance 700 57 June 13 Sold June 15 Beoght 1.000 575 June 20 Sold on credit 950 su June 28 Sold Required: a) Assuming a perpetual inventory system is employed, develop the inventory card and determine the COGS and ending inventory using FIFO method. (8 marks) ANSWER: b) Record the journal entry for the sales on 20 June, assuming perpetual inventory system, FIFO method. (2 marks) ANSWER:

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