FA 1 - MARK CASE STUDY: TOPIC 5 FA 1-MARK CASE STUDY: TOPIC 5 + Product 2 - Paul's Ultimate Poles - Average Cost Date Purchases (In) Sales (Out Balance Jim has taken what you have done and shown it to Paul who was initially impressed. However, in looking at the information Paul has decided he'd like to have much more up to date information about his stock and what it is worth. While he appreciates your hard work so far, Paul has asked you to re-record the inventory information above in stock cards using a perpetual system. Paul has also suggested that the valuation systems Jim chose are the wrong way round and the Wrist Tape would be better done using FIFO with average cost used on Paul's Ultimate Poles. While you were busy preparing this report for Mark he has once again gone back to his somewhat incomplete notes from University and has managed to dig up the following comments. Required 4 Complete the stock cards provided below following Paul's requested methods Product 1 - Wrist Tape - FIFO Date Purchases (In) Sales (Out) Balance Jim thinks completing these stock cards seems like a lot of extra work and will actually give you inconsistent results. To prove his point Jim has asked you to recalculate the COGS and Gross Profit figures for the Wrist Tape using the information from the stock card. Required 5 Calculate the COGS and Gross Profit for the Wrist Tape using the perpetual FIFO information you have recorded. FA 1 - MARK CASE STUDY: TOPIC 5 FA 1-MARK CASE STUDY: TOPIC 5 + Product 2 - Paul's Ultimate Poles - Average Cost Date Purchases (In) Sales (Out Balance Jim has taken what you have done and shown it to Paul who was initially impressed. However, in looking at the information Paul has decided he'd like to have much more up to date information about his stock and what it is worth. While he appreciates your hard work so far, Paul has asked you to re-record the inventory information above in stock cards using a perpetual system. Paul has also suggested that the valuation systems Jim chose are the wrong way round and the Wrist Tape would be better done using FIFO with average cost used on Paul's Ultimate Poles. While you were busy preparing this report for Mark he has once again gone back to his somewhat incomplete notes from University and has managed to dig up the following comments. Required 4 Complete the stock cards provided below following Paul's requested methods Product 1 - Wrist Tape - FIFO Date Purchases (In) Sales (Out) Balance Jim thinks completing these stock cards seems like a lot of extra work and will actually give you inconsistent results. To prove his point Jim has asked you to recalculate the COGS and Gross Profit figures for the Wrist Tape using the information from the stock card. Required 5 Calculate the COGS and Gross Profit for the Wrist Tape using the perpetual FIFO information you have recorded