FNSACC405 : Maintain Inventory System - Management Assignment Help

Assignment Task

 Work, Health and Safety

Students should observe the usual office Work, Health and Safety considerations whilst working on this assessment.

Assessment Criteria:

To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:

• Record purchases of inventory
• Maintain periodic and perpetual records of inventory
• To generate required reports
• To comply with legislative and organisational requirements
• Record inventory flows
• Reconcile inventory records to general ledgers
• Prepare inventory and ad hoc reports in spreadsheets

Insert your details on page 1 and sign the Student Declaration. Include this form with your submission along with a copy of the Marking Criteria form completed with your personal details.

• This is an external open book assessment
• You will require access to a computer, internet and MYOB AccountRight Plus 2018.3 software and Excel
• No time limit applies
• Usual WHS requirements apply
• Contingencies if conditions cannot be met are at the discretion of the Assessor

TASK 1 – submit the following reports from the processing of Camera’s R Us MYOB activity after completing this activity in MYOB.

1. Profit and loss Statement
2. Balance Sheet
3. Inventory Reconciliation
4. Convert/export the “Inventory Price Analysis report” into Excel (Inventory – Price Analysis)

 TASK 2 - Theory Questions

1. Explain both the periodic inventory method and the perpetual inventory method and include the differences. What method does the organisation Camera’s R Us use? 

2. Outline the process for maintaining the inventory management system for the organisation for Camera’s R Us.

3. Referring to the policies and procedures, what is the procedure when entering transactions into the accounting system for this business Camera’s R Us.

4. What is the objective of AASB102?

5. According to AASB102, when calculating the actual cost of purchases of inventories, what should be included? 

6. Explain what is meant by the “lower of cost and net realisable value” rule for inventory. Give an example of a situation where it might be used.

7. At the end of year stocktake you have counted the large bags and realised one is missing. Do the adjustment in the file and take snip of the recap transaction. DO NOT RECORD THE TRANSACTION. Explain which two accounts will be impacted and how? 

8. What are two types of perpetual inventory systems you can use?

TASK 3 – Inventory manual tasks (not related to Camera’s R Us).

 The following questions relate to inventory (stock on hand).

 The following information for North Pacific Supplies Company Ltd relates to question 1

Assume you are working for the North Pacific Supplies Company Ltd. An extract from the Inventories section of the company’s policies and procedures manual reveals the following:

North Pacific Supplies Company Ltd

Procedures Manual

Policy Document (Ver 2.01)

Inventories (Extract)

• The company maintains a perpetual inventory system.
• A stock card is prepared for each item of inventory and as an excel spreadsheet file.
• The purchase cost for FIFO or weighted average is the same as per the supplier’s invoice.
• Stock items coded with a prefix A are costed according to the FIFO method
• Stock items coded with a prefix B are costed according to the weighted average method.
• Returns are recorded at the same unit price as the original issue transaction and recorded as a negative transaction on the stock card.
• If the stocktake at the end of the accounting periods shows a different quantity to that on the inventory card, an adjustment will need to be made to the stock card and a general journal entry authorised to record the adjustment.

Task 3 – Invoice 1

 The credit purchase and credit sale transactions for inventory item No B104 for February 2018 are as follows:

The sale return on 19 February was from the sale on 18 February. A stocktake on 28 February revealed 120 units of item B104 on hand. GST not applicable.

1. Using an Excel spreadsheet prepare an appropriate stock card to record the inventory flows.
2. Record the following:

1. total net purchases

2. total net sales

3. total net cost of goods sold

4. Show the general journal entry to record any adjustment entries that may be required as a result of the stocktake.

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