Reference no: EM132877415

Question - JB HiFi - Inventory recording methods JB HiFi April is a leading supplier of electronic consumer goods.

1 Richard Murray contributed cash of $300,000 and inventory of $550,000 to commence the operations of JB HiFi

2 JB HiFi purchased inventory from Eastern Digital Ltd for $314,000

5 JB HiFireturned goods that had cost $15,250 to Eastern Digital Ltd

15 JB HiFipaid the amount owing to Eastern Digital less 10% settlement discount.

17 Cash sales of $50,000 to Vodafone (cost price 28,000) were made by JB HiFi.

21 Goods were returned to JB HiFiby Optus for a cash refund of $5,000 (cost price $1,250).

22 Sold goods on credit to ANZ for $50,000 (cost price $25,250).

29 JB HiFireceived full settlement from ANZ less 10% discount

30 A physical stocktake revealed inventory on hand of $791,250.

Required -

a) Record the above transactions and events in the general journal of JB HiFi. Use the perpetual inventory method of recording inventory.

b) Show the Income Statement to Gross Profit for the periodic inventory method for the month ended 30 April.