Part 1: Theoretical Research
Task description:
Explain considerations for businesses while developing and selecting their Inventory system from FIFO, LIFO and Weighted Average. You need to explain the reason for choosing of the efficient and appropriate inventory system according to the nature of a business, industry regulations, and the standards in Australia.
Part 2: Practical Case Study – Accounting For Retailing
Task description:
Read the below case study and answer the required questions
The “Wise Dimension” owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and offline channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows:
Required: Ignore Income Tax
A) Journalise the transactions for the month of June.
B) Prepare the unadjusted Trial Balance on the Worksheet for the year ended 30 June 2017, using the provided trial balance as at 31 May 2017 and the General Leger Accounts.
C) Journalise the adjustment transactions for the month of June.
D) Transfer the adjusting journal entries into the worksheet, and complete the Worksheet.
E) Prepare the schedule of COGS, Net purchase, and Net sale for the year ended 30 June 2017.
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