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Question - XY Ltd's sells T-shirts. It uses the periodic inventory system. It's inventory at the beginning of the month June and all purchases during the month of June 2019 are provided as below. Ignore GST.
Units
Total cost ($)
1/6 Beginning inventory
1050
18,900
10/6 Purchase
750
14,175
15/6 Purchase
450
8,910
23/6 Purchase
15,750
Totals
3,000
$57,735
A physical count on 30 June verified that 975 units were on hand.
Required -
a) Determine the Ending inventory and Cost of Sales for the month of June, using the FIFO costing method.
b) If all inventories are sold in the same price of $50, prepare the relevant part of the income statement for the month of June.
c) Would you recommend the Perpetual Inventory System to the management of XY Ltd? Explain the reason for your recommendation.
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