LFS00AC1 Questions On Foundation Studies: Accounting 1 - Assessment Test 4

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Question 1 (30 marks)

Simply Scrumptious sells speciality boxes of chocolates. The chocolates sell for $44 (incl. GST). They have provided you with the following information:
At 1 July 2020 stock records for the chocolate baskets revealed:

Required

  1. Complete the stockcard for July
  2. What will the stock adjustment be at 31 July in the Income Statement?
  3. What will the value of inventory be in the Balance Sheet as at 31 July?

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