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

FIFO Method - FIFO is an Inventory valuation method. Under the FIFO method company sells or uses in…

Business

Accounting

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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