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| Category | Assignment | Subject | Financial |
|---|---|---|---|
| University | The Career Academy NZ | Module Title | ABKN146 - Financial Statements |
Read through the requirements below and complete all parts of the assessment and then save your work as either a Word document or a PDF file. Once you have saved your work click on the Assessment submission link within this topic and upload your completed assessment to your tutor for marking.
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:
| Item | Number of units | Weighted Average cost per unit | Total |
|---|---|---|---|
| Floral Print Pants | 130 | 37.00 | 4,810 |
| Animal Print Pants | 50 | 24.00 | 1,200 |
| Art Deco Pants | 260 | 29.00 | 7,540 |
| Batik Pants | 90 | 41.00 | 3,690 |
| Striped Pants | 40 | 23.00 | 920 |
| Calico Pants | 170 | 15.00 | 2,550 |
| Total | 20,710 |
You have printed the relevant cost of sales ledgers for the year and these are included below:
| Month | Account | Amount ($) |
|---|---|---|
| April | Accounts Payable | 8,633.00 |
| May | Accounts Payable | 7,800.00 |
| June | Accounts Payable | 9,100.00 |
| July | Accounts Payable | 5,900.00 |
| Aug | Accounts Payable | 6,700.00 |
| Sept | Accounts Payable | 5,500.00 |
| Oct | Accounts Payable | 6,000.00 |
| Nov | Accounts Payable | 9,000.00 |
| Dec | Accounts Payable | 9,200.00 |
| Jan | Accounts Payable | 6,000.00 |
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