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PROJECT-IN-IA-FINALS-1

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Punzalan, Hazel P.
Exercises
E 2-1 Items considered as
Inventories
1) YES
2) YES
3) YES
4) YES
5) YES
6) YES
7) NO
8) NO
9) YES
10) YES
E 2-5 Items included in cost
Purchase of Raw Materials
Import duty and non-refundable
taxes
Freight cost, bringing eme
Cost of unloading material
Packaging
Less: Rebate
Total Cost of Purchase
Salary of machine workers,
factory
Salary of factory supervisor
Depreciation on factory bldg.
& equipt.
Consumable
used
in
production process
Depreciation of vehicles,
transport
Factory electricity usage
charges
Factory rental
Depreciation
and
maintenance
Add: 20% of Admin. Expense
(admin. the factory)
(50k+15k+305,000)20%
Total Cost of Conversion
E 2-3 Transactions affecting
Inventories
11) YES
12) YES
13) NO
14) NO
15) YES
16) NO
17) NO
18) NO
19) YES
20) YES
Inventory, Beg.
Purchases
Less: Purchase Returned
Less: Sales, excluding
Sales Consignee
Add: Sales returned, good
condition
Total Inventory, end of the
period
3,000,000.00
800,000.00
300,000.00
2,000.00
200,000.00
53,000.00
₱4,249,000.00
500,000.00
300,000.00
60,000.00
20,000.00
40,000.00
30,000.00
100,000.00
20,000.00
₱1,070,000.00
74,000.00
₱1,144,000.00
100,000.00
900,000.00
10,000.00
₱990,000.00
750,000.00
42,000.00
8,000.00
₱206,000.00
E 2-7 Lower of cost and NRV
Items
Cost
NRV
Coats
₱32,000.00 ₱28,500.00
Skirts
16,000.00 17,600.00
Total
₱48,000.00 ₱46,100.00
Inventory, End
₱ 502,000.00
Less: Total amount LCNRV
1) Total Inventories
000000025.00
₱ 501,975.00
Total Cost
Less: LCNRV
Required allowance for writedown to NRV
Less: Recorded allowance for
write-down to NRV
2) Amount of Reversal of writedown to NRV
502.00
477.00
25.00
000033,000.00
₱
32,975.00
Multiple Choice Problems
MCP 2-1 Items included in
Inventories
Answer: D ₱150,000
Inventory
₱176,000.00
Less: Direct materials, FOB
Destination
12,000.00
Prepaid Insurance
2,000.00
Goods shipped on
consignment (15k*80)
12,000.00
Total
₱150,000.00
MCP 2-3
Answer: D ₱2,686,000.00
Closed inventory
Goods sold, FOB
Destination
Purchased goods, FOB
Seller
Goods out on consignment
Adjusted Inventory, Dec. 31
MCP 2-5
Answer: B ₱1,039,300
Inventory on hand
c. Goods sold to Garcia Corp.
(18,500 - 1,000) /1.40
d. Purchased Goods, FOB
Origin (48k+3k)
e. Goods out on consignment
(36,400/1.40 + 2,000)
Adjusted Inventory, Dec.31
₱2,580,000.00
22,000.00
41,000.00
43,000.00
₱2,686,000.00
₱947,800.00
₱12,500.00
₱51,000.00
₱28,000.00
₱1,039,300.00
2) Answer: B ₱150,080.00
Date
1-Jul
7-Jul
12-Jul
21-Jul
22-Jul
29-Jul
Transaction
Inventory
Purchase
Sales
Purchase
Sales
Purchase
Units
Cost
2,000 36
3,000 37.2
3,600
4,800 38
3,800
1,600 38.6
₱4,000.00
Weighted Average
Method (4,000*37.52)
₱150,080.00
Total Cost
₱72,000.00
111,600.00
182,400.00
61,760.00
₱427,760.00
WAUC
427,760.00/11,400 37.52
Solution to
₱11,400:
Sales
Balance
2,000.00
3,000.00
4,800.00
1,600.00
₱11,400.00
MCP 2-7
Answer: B ₱
20,720.00
Purchases
Date
1-Jan
6-Jan 2,000.00
7-Jan
26-Jan 2,700.00
31-Jan
Unit
Cost
Total
Cost
10.30
20,600.00
Units
Unit
Cost
2,500.00 9.98
10.71
28,917.00
3,200.00 10.36
Total
Cost
Units
3,000.00
5,000.00
24,955.00 2,500.00
5,200.00
33,152.00 2,000.00
Unit
Cost
9.77
9.98
9.98
10.36
10.36
Total Cost
29,310.00
49,910.00
24,955.00
53,872.00
20,720.00
MCP 2-8
Answer: D None of the above
since the others choices are
correct
Product A
Product B
Total Value of Inventory
Held, End (Add: Total of A
and B)
Units
Held
2,000.00
5,000.00
Selling
Price
2.00
20.00
Total
4,000.00
100,000.00
₱104,000.00
MCP 2-10
Answer: C ₱92,000.00
General selling Price
Less: Estimated costs to sell
Total
₱12.00
3.00
9.00
Units (10,000-2,000)
Total of Price
Total (Units*₱9)
8,000.00
9.00
₱72,000.00
Units of 2,000 that binding
contract to sell
Cost
Total (2k*10)
₱2,000.00
10.00
₱20,000.00
Total Units of Price
Add: Total units of binding
Total
₱72,000.00
20,000.00
₱92,000.00
MCP 2-12
Answer: D A credit to Cash
of ₱15,617.00
Purchased, Dec. 3
Discounts 3/10, n/20
Total (Purchased*Discounts)
₱8,600.00
0.03
₱258.00
Purchased, Dec. 3
Less: Total Discounts
Total Amount
₱8,600.00
258.00
₱8,342.00
Purchased, Dec. 10
Discounts 3/10, n/30
Total (Purchased*Discounts)
₱7,500.00
0.03
₱225.00
Purchased, Dec. 10
Less: Total Discounts
Total Amount
₱7,500.00
225.00
₱7,275.00
Total Amount on Dec. 3
Add: Total Amount on
Dec. 10
Total Payment, Dec. 16
₱8,342.00
7,275.00
₱15,617.00
Multiple Choice Theories
MCP 2-15
Answer: C ₱2,000,000.00
Units
Per Unit
Total Value
Less: Obsolete (250k*2)
Total Probable Loss
₱250,000.00
10.00
₱2,500,000.00
500,000.00
₱2,000,000.00
1) C
2) D
3) A
4) D
5) A
6) A
7) D
8) D
9) D
10) D
11) B
12) D
13) D
14) C
15) A
16) D
17) D
18) A
19) D
20) D
21) D
22) C
23) A
24) C
25) D
26) A
27) D
28) A
29) D
30) D
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