66717 – Assessment CoversheetUnit/s Assessed FNSACC405 Maintain

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Assessment CoversheetUnit/s Assessed FNSACC405 Maintain inventory recordsAssessment Name FNSACC405 AssignmentType of AssessmentThis summative assessment will enable your assessor to make a judgement of competency based on the submission of your completed assessments against the requirements of the unit/s of competency in this module.BenchmarkThe Assessment Benchmark developed for each unit of competency is the evidence criteria used to judge the quality of performance (i.e. the assessment decision-making rules). Assessors use these benchmarks to make judgements on whether competency has been achieved and to determine if you have performed to the standard expected to meet the unit requirements.Reasonable AdjustmentWhere appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed based on the needs of an individual.Assessment CodingAssessment of this course is based on competency-based principles.S = SatisfactoryNS = Not SatisfactoryIf you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as ‘Not Satisfactory’. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of competency.Re-assessmentYour assessment can be submitted after you have reviewed the learning materials and practiced enough to feel confident in your resubmission. You have two weeks from your last submission feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’ after re-submission you will achieve competency for this assessment.Declaration of Understanding and AuthenticityI acknowledge the assessment process has been explained and agree that I am ready to undertake assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am found to be NS after a second attempt, it is at the assessor ‘s discretion whether I may be permitted one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-enrolment in the unit/s.I certify that the attached material is my original work. No other person’s work has been used without due acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose of detecting plagiarism. I understand a person found responsible for academic misconduct will be subject to disciplinary action (refer to Student Information Guide).* I understand that by typing my name or inserting a digital signature into this box that I agree and am bound by the above student declaration.Student Name*: Date:Submission instructions:1. Complete the Declaration of Understanding and Authenticity (above).2. Once you have completed all parts of the assessment login to the Monarch Learning Management System (LMS) to submit your assessment.3. In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your assessment files. Click save and then click submit assignment4. Please be sure to click ‘continue’ after clicking ‘submit assignment’.Calculation and Short AnswerActivity instructions to candidates• This is an open book assessment activity.• Students should use a handheld calculator and/or software to perform calculations.• You are required to read this assessment and answer all questions that follow.• Please type your answers in the spaces provided.• Estimated time for completion of this assessment activity: 2 hoursThe following questions are based on the material in the textbook “Maintain Inventory Records” by Gavin Dumbrell.Question 1The following information is provided by a sole trader, Easy Pizza.All information relates to September.Opening balance of inventory was $12,200.Purchases of inventory for the month was $7,920 including GST.Closing balance of inventory was $12,000.Required: What is the value of the cost of goods sold? (Show your workings).Question 2GGG Pty Ltd in accordance with organisational policy, procedures and practices uses a periodic inventory system and values its inventory using FIFO. GGG had the following records during the month of September:Date Description Units Unit Cost Total CostSept 1 Beginning inventory 5,000 $2.00 $10,000Sept 13 Inventory purchased 8,000 $2.40 $19,200Sept 21 Inventory purchased 7,000 $2.60 $18,200Total 20,000 $47,400GGG sold 14,000 units during the month.Required:Calculate inventory on 30th September and COGS for the month using each of the following inventory costing methods:a. FIFO method (show your workings):b. Weighted average cost method, if this was to be used (show your workings):c. Which method of inventory valuation has generated the lowest COGS for the month and what is the difference in COGS between the two inventory valuation methods? (show your workings):Question 3Good Life Cola Co. buys cola for resale. The company uses a periodic inventory system.Stock purchases of cola for the month of September were as follows:Date Description Quantity (litres) Cost per Litre ($)Sept 1 Opening stock 200,000 $1.10Sept 13 Purchase 150,000 $1.40Sept 21 Purchase 100,000 $1.50Sept 29 Purchase 150,000 $1.60Sept 30 Closing stock 160,000Sales revenue for the month of September was $2,150,000.Required:a. Calculate the closing inventory balance using the weighted average cost method. (Show your workings.)b. Complete the following Trading Statement for the month:Trading Statement for Good Life Cola Co. for month of September$ $SalesOpening StockPurchasesGoods AvailableClosing StockCOGSGross ProfitQuestion 4Stewart Ember Creations maintains inventory cards to record inventory movements and to help value their inventory. The company uses the perpetual inventory system.The following transactions for SKU007 have been recorded for the month of June:All transactions exclude GST.For questions (b)(i) and (d)(i) 10% GST needs to added to the purchase cost listed for all credit purchases for Accounts Payable valuation purposes.1/6 Opening balance: 400 units on hand @ $25.00 per unit.6/6 Purchase on credit of 200 units @ $26.00 per unit; total cost $5,200.7/6 Sale of 170 units.9/6 Returned for credit to supplier 20 units (originally purchased on 6/6).17/6 Sale of 130 units.23/6 Purchase on credit of 120 units @ $27.00 per unit; total cost $3,240.28/6 Sale of 160 units.30/6 Customer returned 10 units in good condition (originally sold on 17/6).30/6 Stocktake reveals 235 units on hand. This gives rise to a stock variance when compared to the stock card balance.Required:(a) Complete a stock card using the Weighted Average Cost method (see next pages).(b) (i) Provide journal entries (see next pages) for Purchases. Remember to record the 10% GST.(b) (ii) Provide journal entries (see next pages) for Cost of Goods Sold and stock variance.(c) Complete a stock card using the FIFO method (see next pages).(d) (i) Provide journal entries (see next pages) for Purchases. Remember to record the 10% GST.(d) (ii) Provide journal entries (see next pages) for Cost of Goods Sold and stock variance.(e) How does a FIFO cost method of inventory valuation differ from a weighted average cost method?(a) Complete the stock card using the Weighted Average Cost method.Stewart Ember CreationsUsing Weighted Average CostPurchases Sales BalanceDate Details(if any) Qty UnitCost($) Value($) Qty UnitCost($) Value($) Qty UnitCost($) Value($)(b) (i) Provide journal entries for Purchases:Date Particulars Debit CreditPurchases for June(b) (ii) Provide journal entries for Cost of Goods Sold and inventory variance:Date Particulars Debit CreditCost of Goods Sold for JuneInventory Variance for June(c) Complete the stock card using the FIFO method.Stewart Ember CreationsUsing FIFOPurchases Sales BalanceDate Details(if any) Qty UnitCost($) Value($) Qty UnitCost($) Value($) Qty UnitCost($) Value($)(d) (i) Provide journal entries for Purchases:Date Particulars Debit CreditPurchases for June(d) (ii) Provide journal entries for Cost of Goods Sold and inventory variance:Date Particulars Debit CreditCost of Goods Sold for JuneInventory Variance for June(e) How does a FIFO cost method of inventory valuation differ from a weighted average cost method?Question 5POI Pty. Ltd. purchases comic books from publishers and resells them to customers. The company has a perpetual inventory system and assigns the cost of goods sold on a FIFO basis.The company has the following records for the financial year 2016/17:All figures exclude GST.Inventory on hand 1 July 2016 1200 units @ $20 per unitPurchases made during the financial year:10/7/16 600 units @ $15 per unit12/9/16 200 units @ $23 per unit22/12/16 1400 units @ $16 per unit3/2/17 400 units @ $14 per unit5/5/17 100 units @ $22 per unitSales made during the financial year:15/7/16 1000 units sold20/10/16 900 units sold1/1/17 1400 units sold3/4/17 200 units soldStocktake on 30 June 2017 20 units damages and written offRequired:Read the pdf document titled “Hints when using Excel” and use the Excel spreadsheet titled “POI Pty Ltd Stock Ledger Card Template” (both of which can be found in the LMS), to calculate the following:You are required to upload your completed the Excel Spreadsheet titled “POI Pty Ltd Stock Ledger Card Template” when you upload this assignment.5a. Calculate: (refer to your completed Excel spreadsheet).Cost of Goods Sold using perpetual FIFO method $Closing inventory using perpetual FIFO method $5b. Calculate: (refer to your completed Excel spreadsheet).Average inventory = (Opening inventory + Closing inventory) / 2 (show your workings):=5c. Calculate: the inventory turnover ratio.Inventory Turnover Ratio = COGS / Average Inventory (show your workings):=Question 6Barbell Sports Pty Ltd has adopted a perpetual inventory system.Required:a. Which of the following sequences best describes the keys steps in a perpetual inventory system? (Select the correct answer)i. Purchases recorded on stock card COGS recorded at time of sale period end stocktake.ii. Purchases recorded on stock card Period end stocktake COGS determined by stocktake.iii. Purchases recorded as an expense no entry to COGS at time of sale COGS determined by stocktake.Answer: _____________b. Under the perpetual inventory system, an inventory gain has been detected. The journal entries to adjust for the inventory gain would be:Debit: (enter the account name) _____________Credit: (enter the account name) _____________Adjusting for inventory gainQuestion 7. RoleplayThis is a video assessment activity.This task is designed to assess your ability to:• Student greets Jane Simpson appropriately and professionally• Student asks Jane Simpson questions about the accuracy of the stocktake• Student must tell Jane they will address the discrepancy• Student has spoken professionally and courteously with all partiesPrior to submitting the video, ensure all participants are visible and audible throughout the videoScenarioRoles:This role play has two roles:o You: bookkeepero Jane Simpson: the warehouse managerScenario:You are the bookkeeper for Kitchens R US and you have just received the details of the annual stocktake conducted by the warehouse manager Jane Simpson. Your stock card records indicate that there should be 22 cooktops, 15 ovens and 11 refrigerators. The stocktake reveals that there were 21 cooktops, 14 ovens and 11 refrigerators in the warehouse.You need to ring or meet with Jane to confirm the stocktake is accurate.Required Task:You will need to find a friend to role play Jane Simpson.You will need to video record the role play and upload the file to the LMS.Conduct a brief telephone call with Jane Simpson.You will be assessed on the following:• You must ask at least two questions of Jane to clarify and confirm the information about the stocktake is correct.• You must tell Jane how you will address the discrepancy between the stock listed on the stock cards and the stock that is actually in the warehouse.Note: Your video recording should only be a couple of minutes in length.Please name your roleplay file with your surname followed by mod 1.2. For example, Smith Mod1.2General instructions:Students must perform with at least 1 other person. Using just 1 other person to play multiple roles is completely OK. Alternatively, you can use as many other persons as there are roles.The other person(s) can play multiple roles except for the role required to be played by the student.There is no requirement for the other person(s) to be visible in the video, so if your partner(s) would prefer not to be visible, that’s OK.The student must be visible throughout the video.All persons must be audible throughout the recording.Using a camera phone is often a quick and easy way to record the video.For the role play, we suggest the following:• Have a quiet, private space where you can effectively record the video. This could be your spare room at home, an office at your workplace, or even a study room at your local library.• Be appropriately dressed.When you’re conducting the role play, don’t forget about:• Using appropriate body language and gestures, including eye contact• Speaking professionally, and at the appropriate pace• Using plain English• Listening without interrupting• Respond appropriately to what is said.

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