Question

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Following is a list of inventory transactions for NEBT P/L (unit cost is GST exc amount). NEBT P/L uses a perpetual average cost inventory system.

1. Complete the inventory table below .

2. Answer the 2 questions following the table

All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers unless a negative number needs to be entered (this will take the format eg "-28").

Each box must be completed. If there is no value enter 0 (zero).

Date	Description	Quantity	Unit Cost
01/06/17	On Hand	15	100
08/06/17	Purchase	10	130
10/06/17	Sale	5
17/06/17	Return damaged items from 8/6/17 purchase	2

  

	Purchases				Cost of Sales				Inventory On Hand
Date	Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost
01/06/17									15	100	1500
08/06/17	Answer	Answer	Answer		Answer	Answer	Answer		Answer	Answer	Answer
10/06/17	Answer	Answer	Answer		Answer	Answer	Answer		Answer	Answer	Answer
17/06/17	Answer	Answer	Answer		Answer	Answer	Answer		Answer	Answer	Answer

What is the total Cost of Goods Sold?	Answer	3 Marks
What is the value of ending inventory?	Answer	2 Marks

Answer 1

Answer 1
NEBT P/L
	Purchases			Cost of goods sold			Inventory on hand
Date	QTY	Unit Cost	Total Cost	QTY	Unit Cost	Total Cost	QTY	Unit Cost	Total Cost
01/06/2017							15	100	$1,500.00
08/06/2017	10	$130.00	$1,300.00				25	$112.00	$2,800.00
10/06/2017				5	$112.00	$560.00	20	$112.00	$2,240.00
17/06/2017				2	$130.00	$260.00	18	$110.00	$1,980.00
Answer 2
The total Cost of Goods Sold			$560.00
The value of ending inventory			$1,980.00