Create the two journals required to remove the value of opening inventory and record the value: Accounting Homework, DBS, Ireland
| University | Dublin Business School (DBS) |
| Subject | Accounting Homework |
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 20X7 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 January 20X7 was €23,800.
⦁ PnP has conducted a stock take and the stock on hand as at 31 December 20X7 is as follows:
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Required:
Using the information above:
⦁ Create the two journals required to update the inventory account as at 31 December 20X7. Use the template below to complete this question.
⦁ Calculate the cost of goods sold and gross profit for PnP for the year ended 31 December 20X7. Use the template below to complete this question.
Question One
Create the two journals required to remove the value of opening inventory and record the value of closing inventory as of 31 December 20X7.
Question Two
Calculate the cost of goods sold and gross profit for PnP for the year ended 31 December 20X7.
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