2108AFE Topic 3 Homework Questions 1(1) docx [Compatibility Model- Word gs Review View EndNote X8 ACROBAT 9 Tell me what you want to do NormallnNo Spac- Heading 1 Heading 2 Taie Subtitle Subtle Em. Emphasis Intence E.. Strong styles 2108AFE Financial Accounting Assessable Homework Workshop Questions Topic 3 Inventory and Retail Operations Question 1 ABC Ltd has the following information related to its inventory for December Date Item Unit Cost 210 1December Beginning Inventory 6h December Sale Purchase 12 250 240 December 16h DecemberPurchase 26h December Sale 10 30h December lll Purchase 14 255 ABC Ltd uses a perpetual inventory system with FIFO costing. Required: (a) Complete the following inventory record below. Inventory Record Cost of Sales Inventory on Hand Purchases Quantity Unit Total Date Quantity Unit T Total Quantity UnitTotal Cost Cost Cost Cost Cost Cost ulnework Questions(1)(0).docr (Compatibility Mode]-Word Note ACROBAT Tell me what you want to do AaBbCcDAaBbAabodet NormalT Ne SpedeSubetesSubtie mEmphask Interse E Paragraph Styles Question 1 ABC Ltd has the following information related to its inventory for December: Date Item QuantityUnit 1t December Beginning Inventory 15 12 6 210 6th December 9th December 16h December ale Purchase 250 240 Purchaseolrodecetoecsl 26th December 30th DecemberPurchase 10 14 255 ABC Ltd uses a perpetual inventory system with FIFO costing. Required: (a) Complete the following inventory record below. Inventory Record. Date Quantity Unit TotalQuantity Unit Total Quantity Unit Total Cost of Sales Inventory on Hand Purchases Cost Cost Cost Cost Cost Cost TOTAL uplt 3 Homework Questions(1)(1).docx |Compatibility Mode] -Word w View EndNote X8 ACROBAT Tell me what you want to do. Normal 1 No Spac.. Heading 1 |Heading 2TitleSubtileSubtle EmEmphasis Intense E Paragraph Question 2 Explain the "Lower of Cost and Net-Realisable-Value (LCM) Rule in 5 lines or less. Question 3 What would the general journal entries be to record the 26th December sale if the selling price $341 per unit which includes 10% GST Question 4-Reflection (Minimum 100 words, Maximum 150 words) What are some of the ethical issues associated with retail inventory? In your answer, explain the implications of these ethical issues on the financial statements