Internal Control Procedures - Inventory FIFO Method - Sports Management Assignment Help

Assignment Task:

Question 1 

Internal Control Procedures

1. Identify and explain the potential internal control weaknesses for each of the following situations. Consider each situation separately. 
2. Suggest and explain a potential internal control for each identified internal control weakness.

Question 2 - (20 Marks)

1. Classifying and journalising adjusting entries
2. Consider the following independent situations as at 31 December 2019:

For each situation, indicate which category of adjustment is described and explain why such an adjusting is necessary?

Journalise the adjusting entries (including narrations) needed on 31 December for each situation. Use the letters to label the journal entries.

Question 3 

Inventory FIFO Method

Cricket Central carries an inventory of Cricket Balls and Cricket Bats. Cricket Central uses the FIFO method and a perpetual inventory system. The sales price of each Cricket Bat is $145. Business records indicate the following for a particular line of Cricket Central’s Cricket Bats:

Requirements

Prepare a perpetual inventory record for the Cricket Bats. Then determine the amounts Cricket Central should report for ending inventory and cost of sales using the FIFO method. 

Journalise Cricket Central’s inventory transactions using the FIFO method

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