please help me TamworthJune 149Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.Inventory7,320units @ $1.90Purchases5,520units @ $2.154,920units4,920units @ $2.403,7203,4803,7203,1201221242630SalesPurchasesSalesSalesPurchasesSalesunitsunitsunits @ $2.50unitsTamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $6 per unit. GST is 10% and is not included in any of the costs and selling prices above. A stocktake on 30 June revealed 6,180 units ininventory.Using the FIFO method, prepare appropriate purchases and sales journals to record these events.

Name: please help me TamworthJune 149Trading Ltd is a company operating in t
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Description: please help me TamworthJune 149Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.Inventory7,320units @ $1.90Purchases5,520unit

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Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. June 1 Inventory 7,320 units @ $1.90 4 5,520 units @ $2.15 Purchases Sales 9 4,920 units Purchases 4,920 units@ $2.40 Sales 3,720 units Sales 3,480 units Purchases 3,720 units @ $2.50 3,120 units 12 21 24 26 30 Sales Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $6 per unit. GST is 10% and is not included in any of the costs and selling prices above. A stocktake on 30 June revealed 6,180 units in inventory. Using the FIFO method, prepare appropriate purchases and sales journals to record these events.

Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. June 1 Inventory 7,320 units @ $1.90 4 5,520 units @ $2.15 Purchases Sales 9 4,920 units Purchases 4,920 units@ $2.40 Sales 3,720 units Sales 3,480 units Purchases 3,720 units @ $2.50 3,120 units 12 21 24 26 30 Sales Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $6 per unit. GST is 10% and is not included in any of the costs and selling prices above. A stocktake on 30 June revealed 6,180 units in inventory. Using the FIFO method, prepare appropriate purchases and sales journals to record these events.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.UnitsUnit price $June1Inventory6,1002.204Purchases4,6002.259Sales4,10012Purchases4,1002.4021Sales6,00026Purchases3,1002.50Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST. Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of ProductEF5089 and information about purchases and sales made during June are shown below.Units Unit price $June 1 Inventory 6,100 2.204 Purchases 4,600 2.259 Sales 4,10012 Purchases 4,100 2.4021 Sales 6,00026 Purchases 3,100 2.50Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit.Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST. Required:a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June.b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of ProductEF5089 and information about purchases and sales made during June are shown below.Units Unit price $June 1 Inventory 6,100 2.204 Purchases 4,600 2.259 Sales 4,10012 Purchases 4,100 2.4021 Sales 6,00026 Purchases 3,100 2.50Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit.Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST.Required:a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. (8b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June. Week 10Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of$12,000 at the end of its useful life of 4 years or 200,000 kilometres. Ignore GST.Required:a) Assume the van was purchased on 1 July 2019 and that the accounting period ends on…
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of ProductEF5089 and information about purchases and sales made during June are shown below. Units Unit price $ June 1 Inventory 6,100 2.20 4 Purchases 4,600 2.25 9 Sales 4100 12 Purchases 4100 2.40 21 Sales 6000 26 Purchases 3100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit.Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST.Required:a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
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Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. Units Unit price $ June1 Inventory 6100 2.20 4 Purchases 4,600 2.25 9 Sales 4,100 12 Purchases 4,100 2.40 21 Sales 6,000 26 Purchases 3,100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700units in inventory. Ignore GST. Required:a)Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June.
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Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory ofProduct EF5089 and information about purchases and sales made during June are shown below. Units Unit price $June 1 Inventory 6,100 2.204 Purchases 4,600 2.259 Sales 4,10012 Purchases 4,100 2.4021 Sales 6,00026 Purchases 3,100 2.50Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7700 units in inventory. Ignore GST.Requireda) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. Units Unit price $ 6,100 2.20 4,600 2.25 4,100 4,100 2.40 6,000 3,100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST. Required: Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
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