Promoting Special Events - The FIFO Method - Accounting and Finance Assignment Help

Assignment Task:

‘Promotions-for-Africa’ is a private company that specialises in promoting special events by selling promotional gifts and is renting a warehouse in Johannesburg. The Chief Executive Officer, Eben Etzebeth, was approached by two members of the Springbok team, Siya Kolisi and Elton Jantjies to create a promotional gift box that supporters can buy. The ‘World Cup Rugby Box’ consists of two branded Springbok mugs, a Springbok rugby jersey (to order by size) and a photo signed by the Springbok rugby team. The items in the box will appear on the order list collectively the ‘World Cup Rugby Box’ and will not be sold separately. The boxes with the promotional items are ordered from a business in Durban and transported by train to Johannesburg and then transported to the warehouse by a rented truck. After a month of trading in July 2019 the owner would like to know how profitable the boxes have been for the month of July 2019.

The following additional information is relevant:
1. ‘Promotions-for-Africa’ is using the FIFO method of valuation and inventory is accounted for using the periodic system.
2. The opening stock on 1 July 2019 consisted of 1 556 boxes and the cost of each box amounted to R850.
3. On the 4th of July 2019, the business received stock of 5 010 boxes from Durban. The price per the invoice amounted to R750 per box.
4. The cost of the transport by train from Durban to Johannesburg amounted to R15 per box.

5. The cost of transporting the boxes from the Johannesburg station to ‘Promotions-for- Africa’ premises totalled R1 500 for the month of July.

6. For the month of July two office staff members assisted in unpacking the boxes onto the shelves in the warehouse and were paid R650 each as part of their monthly wage amounted to R6 550 each

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