Periodic Inventory Method - Accounting and Finance Assignment Help

Assignment Task

Read through the requirements below, and complete all parts of the assessment and then save your work as either a Word document or a PDF file. Once you have saved your work click on the Assessment submission link within this topic and upload your completed assessment to your tutor for marking.

Part A – Inventory

You are the bookkeeper for Pants n Prints Limited (PnP), which is a retail store in the lower North Island. PnP uses the periodic inventory method. It is the end of the 2020 financial year and you are responsible for preparing the financial statements. You have collated the following information to assist you in calculating the cost of goods sold:

• The opening inventory at 1 July 2019 was $23,800.
• PnP has conducted a stock take and the stock on hand as at 30 June 2020 is as follows:

Using the information above:

1. Create the two journals required to update the inventory account as at 30 June 2020. Use the template below to complete this question.

2. Calculate the cost of goods sold and gross profit for PnP for the year ended 30 June 2020. Use the template below to complete this question.

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