Seemos sells winter boots for stylish women. During May 2020 the following transactions took place: May-201...

 

  
 

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Seemos sells winter boots for stylish women. During May 2020 the following transactions took place: May-201 Opening Balance of 25 boots (pairs) coded Y @ $50 each. 5 Purchase 30 boots coded B @ $60 each 7 Sold 10 boots coded Y and 5 boots coded B @ $100 each. 9 Customer returned 1 pair of boots coded Y as it was the wrong size. 11 Sold 7 boots coded Y and 8 boots coded B @ $110 each. 15 Sold 6 boots coded Y @ $100 each. 23 Purchase 25 boots coded R @ $40 each. 25 Return 1 pair of boots coded R to supplier as it had a broken heel. 27 On promotion day sold 25 pairs of boots for a total of $2000, 15 coded as R, 3 coded as Y and 7 coded as B. 30 Owner took one pair of boots coded B for his wife as a birthday gift. A physical stocktake on 31 May show revealed 17 pairs of boots on hand, 8 coded as B, 9 coded as R. a) Below is the stock card using the Identified Cost method of recording. Complete the stock card (subsidiary account in the inventory subsidiary ledger), taking into account any stock discrepancies (difference between the current balance in the stock card and the stocktake) and then complete the given General Ledger accounts. Use the "-" sign for negative values in the stock card, not brackets. Date 30 30 Account 1Balance 5Purchases 7Sales 9Sales Returns 11Sales 15Sales 23Purchases Purchases 25returns 27Sales 30Drawings Stock loss Balance Total Qty Unit $ $ 30 B 25 R -1 R IN -1 B 60 1800 40 1000 40 -40 60 -60 Qty Unit $ Total $ Qty 25 Y 30 B 15 Y 25 B 16 Y 25 B 9 Y 17 B 3 Y 17 B 25 R 10 Y 5 B -1 Y 7Y 8 B 6 Y OUT 3 Y 7B 15R 50 60 50 50 60 50 50 60 40 500 300 -50 350 480 300 150 420 600 3 Y 17 B 24 R 10 B 9R 9 B 9R BALANCE Total Unit $ $ 50 1250 60 1800 50 60 50 60 50 60 50 60 40 50 60 40 60 40 60 40 750 1500 800 1500 450 1020 150 1020 1000 150 1020 960 600 360 540 360 Date Details May 1 Balance 30 30 June 1 Cost of goods sold Date Details May 30 Inventory Control Sales Less: Net Sales Less: 2800 4100 Cogs Stock Losses Gross Profit Sales Returns Extract from General Ledger of Seemos Inventory Control Date Details May Cash 30 30 30 Cost of Goods Sold $ Date Details May 30 30 Stock losses 30 b) Calculate the Gross profit, using the information above: 4 Inventory Control $ 3100 60 4100 Video Specials commenced business on 1 May 2018, selling only one model of big screen television. During the first month of trading it made the following purchases and sales: Date May 1 2 15 17 28 31 Quantity purchased (units) 10 12 5 Unit Cost (S) 1000 1100 1200 Batch Code A B C Quantity Sold (Units) 5 9 Batch from which units sold were drawn A B C The units were sold for $1500 each. The business uses the perpetual/ continuous method of recording inventory. Use this information to complete the stock cards below. Seemos sells winter boots for stylish women. During May 2020 the following transactions took place: May-201 Opening Balance of 25 boots (pairs) coded Y @ $50 each. 5 Purchase 30 boots coded B @ $60 each 7 Sold 10 boots coded Y and 5 boots coded B @ $100 each. 9 Customer returned 1 pair of boots coded Y as it was the wrong size. 11 Sold 7 boots coded Y and 8 boots coded B @ $110 each. 15 Sold 6 boots coded Y @ $100 each. 23 Purchase 25 boots coded R @ $40 each. 25 Return 1 pair of boots coded R to supplier as it had a broken heel. 27 On promotion day sold 25 pairs of boots for a total of $2000, 15 coded as R, 3 coded as Y and 7 coded as B. 30 Owner took one pair of boots coded B for his wife as a birthday gift. A physical stocktake on 31 May show revealed 17 pairs of boots on hand, 8 coded as B, 9 coded as R. a) Below is the stock card using the Identified Cost method of recording. Complete the stock card (subsidiary account in the inventory subsidiary ledger), taking into account any stock discrepancies (difference between the current balance in the stock card and the stocktake) and then complete the given General Ledger accounts. Use the "-" sign for negative values in the stock card, not brackets. Date 30 30 Account 1Balance 5Purchases 7Sales 9Sales Returns 11Sales 15Sales 23Purchases Purchases 25returns 27Sales 30Drawings Stock loss Balance Total Qty Unit $ $ 30 B 25 R -1 R IN -1 B 60 1800 40 1000 40 -40 60 -60 Qty Unit $ Total $ Qty 25 Y 30 B 15 Y 25 B 16 Y 25 B 9 Y 17 B 3 Y 17 B 25 R 10 Y 5 B -1 Y 7Y 8 B 6 Y OUT 3 Y 7B 15R 50 60 50 50 60 50 50 60 40 500 300 -50 350 480 300 150 420 600 3 Y 17 B 24 R 10 B 9R 9 B 9R BALANCE Total Unit $ $ 50 1250 60 1800 50 60 50 60 50 60 50 60 40 50 60 40 60 40 60 40 750 1500 800 1500 450 1020 150 1020 1000 150 1020 960 600 360 540 360 Date Details May 1 Balance 30 30 June 1 Cost of goods sold Date Details May 30 Inventory Control Sales Less: Net Sales Less: 2800 4100 Cogs Stock Losses Gross Profit Sales Returns Extract from General Ledger of Seemos Inventory Control Date Details May Cash 30 30 30 Cost of Goods Sold $ Date Details May 30 30 Stock losses 30 b) Calculate the Gross profit, using the information above: 4 Inventory Control $ 3100 60 4100 Video Specials commenced business on 1 May 2018, selling only one model of big screen television. During the first month of trading it made the following purchases and sales: Date May 1 2 15 17 28 31 Quantity purchased (units) 10 12 5 Unit Cost (S) 1000 1100 1200 Batch Code A B C Quantity Sold (Units) 5 9 Batch from which units sold were drawn A B C The units were sold for $1500 each. The business uses the perpetual/ continuous method of recording inventory. Use this information to complete the stock cards below.