Introduction
Good Day Grade 11 Students
Please find the link attached below to the introductory video. Due to the pandemic we are unable to meet face-to-face but since we all know how to use technology, things have been easier.
The topic we would be discussing would be: INVENTORY SYSTEMS. You have done of the content in grade 9-11.
Grade 11 Inventory Systems - Google Drive https://drive.google.com/drive/u/1/mobile/folders/1N3jnWD9TSCW0g0_wKZ_ySWt0HfhbQX68-clLwAtFJ0KD07UznuQPS6TSFuA4PyrY8R5zS08X/1jnufVgEVypQtp5WL_CRmHudBqQa1YLSmETZw4WBUPVSvFLfVY3z1leQrLOOyQUoop0b2Ve4f?sort=13&direction=a
Task
Below the task is as follows and you are require to complete it.
Grade 11 : Periodic inventory system.
2.1 CONCEPTS
Choose the correct word(s) from those given in brackets. Write only the word(s)
next to the question number (2.1.1 – 2.1.4) on the ANSWER SHEET.
2.1.1 Cost of sales is determined at the point of sale in the (perpetual/periodic inventory system).
2.1.2 In the periodic inventory system, carriage on purchases is recorded as an (asset/expense).
2.1.3 The (perpetual/periodic) system is more suited for low-value goods, purchased in bulk.
2.1.4 Merchandise purchased is recorded as an (asset/ expense) in the perpetual inventory system.
2.2 PERIODIC INVENTORY SYSTEM
The information provided relates to Yummy Stores for the year ended 30 June 2020.
The business is owned by Shiyaam Martin and managed by Jessie George.
REQUIRED:
2.2.1 Calculate the cost of sales on 30 June 2020.
2.2.2 Shiyaam suspects that stock is being stolen despite security cameras being installed.
Provide a calculation to verify her suspicion.
What can Shiyaam do to improve the internal control of stock? State TWO points
INFORMATION
|
|
Units |
Amount (R) |
|
Sales |
3 200 |
768 000 |
|
Opening stock |
160 |
19 200 |
|
Purchases |
6 300 |
756 000 |
|
Carriage on purchases |
|
75 600 |
|
Closing stock |
2 800 |
336 000 |
Process
STEP 1: CLICK ON THE LINK FOR THE INTRODUCTORY VIDEO
STEP 2: READ THROUGH THE TASK GIVEN
STEP 3: COMPLETE THE TASK ON GOOGLE CLASSROOMS (FIND INFORMATION)
CODE: zlarqbz
SUBJECT: ACCOUNTING
STEP 4: TURN YOUR WORK IN AND AWAIT YOUR SCORE (FEEDBACK WOULD BE PROVIDED VIA YOUR EMAIL ADDRESS)
Evaluation
|
17-20 There is a sequentical explanation on how to express the knowledge. Able to identify examples, explain and compare inventory systems. Calculations are done where needed. Advice is provided on questions.
|
13-17 There is effect knowledge and is put into words. The learner is able to identify and explain the inventory systems effectively grammatically. The learner is able to show some calculations regarding the cost of sales for perpetual inventory systems. |
9-13 There is adequate knowledge about inventory systems. The learner is able to identify and explain atleast 2 examples of each inventory system. |
5-9 There is little understanding about inventory systems. Learner is able to identify atleast 1 example of each inventory system. |
1-5 Learner has no knowlegde about inventory systems. The learner did not bother to click on the link to watch the video. The learner is off topic regarding examples. The learner is off purpose. |
PERFORMANCE CHECK/EVALUATION
Conclusion
By the end of this lesson, learners have been introduced to the definition of inventory systems, realistic examples of both inventory systems, advantages and disadvantages of both as well as the calculations on the periodic inventory system. The lesson is suitable for grade 11 accounting students. The question type would be part of the blooms taxonomy and includes lower and higher order thinking questions.
Credits
Remarks: This WebQuest was done to provide content knowledge to grade 11 learners.