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Calculate the cost of inventory on hand

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Reference no: EM132696154

Question - The following information has been extracted from the records of Kakadu Ltd, which sells special camping tents. The company uses the perpetual inventory system to record stock. Its monthly reporting date is 31 May. Kakadu Ltd uses the FIFO Method.

Date Transaction Quantity $Unit cost

1/05 Beginning balance 6 720

6/05 Purchases (850/unit) 4 600

16/05 Sold @1700/unit 8 ?

17/05 Purchases 6 650

29/05 Sold @ 1500/unit 2 ?

30/05 Sales Return from 29/03 Sales 1 ?

Required -

a) Ignoring GST and narrations, create, and complete the inventory stock record shown above for transactions during the month of May.

b) Calculate the cost of inventory on hand as at 31 May and the cost of sales as at 31 May.

Reference no: EM132696154

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