Question: Question 2 (11 marks) Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens. On

Question 2 (11 marks)

Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens. On 1 June, Bradbury had 300 pens on hand at a cost of $10 per pen. Purchases and sales were: Date Detail June 1 Purchased 200 pens at $12 each June 9 Sold 350 pens at $20 each June 10 Purchased 400 pens at $9 each June 14 Sold 200 pens at $17 each June 20 Sold 150 pens at $22 each June 28 Purchased 250 pens for $15 each A stocktake at 30 June revealed 448 pens on hand. Required: a) Record the transactions in the general journal using the periodic inventory system. (8 marks) b) Prepare an abridged income statement for 30 June (3 marks)

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