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Problem 1

Item Quantity Price per unit Market Cost NRV


A 341 0.60 0.50 204.60 170.50
B 90 4.50 5.40 405.00 486.00
C 250 11.20 11.05 2,800.00 2,762.50
D 115 0.85 0.90 97.75 103.50
E 810 0.18 0.19 145.80 153.90
F 37 1.72 1.72 63.64 63.64
G 174 2.05 1.80 356.70 313.20
H 29 6.36 6.40 184.44 185.60
I 276 0.55 0.55 151.80 151.80
J 41 (doz) 22.80 22.20 934.80 910.20
K 70 43.60 2.60 3,052.00 182.00
L 108 (doz) 116.04 114.00 12,532.32 12,312.00
Total
LCNRV Item A P0.50 Item E P0.19
170.50 Item B 5.4 Item F 1.72
405.00 Item C 11.05 Item G 1.8
2,762.50 Item D 0.9 Item H 6.4
97.75
145.80
63.64
313.20
184.44
151.80
910.20
182.00
12,312.00
17,698.83 Ending Inventory
5,525.94 Recroded Inventory
12,172.89 Understatement by Ending Inventory

Inventory 12,172.89
COS 12,172.89
Item I P0.55
Item J 22.20/doz
Item K 2.6
Item L 9.5
Problem 2

Description Quantity Unit Cost FIFO units Cost + Freight


Corn 20,000 kilos 5.10/kilo 5,000 5.05
15,000 5.20
Soybean 5,000 kilos 12.5/kilo 5,000 12.80
Bonemeals 3,500 kilos 15.0/kilo 3,500 15.00
Fishmeal 10,000 kilos 14.0/kilo 10,000 13.50
Coprameal 2,000 kilos 5.40/kilo 2,000 5.55
4,000 5.60
Total

Burlap 500 meters 12/meter 500 12.00


Plastic material 100 meters 7/meter 100 7.00
Supplies

Inventory Recorded

Adjusting Entry
Supplies
Raw Mats
COS
Amount
25,250.00
78,000.00
64,000.00
52,500.00
135,000.00
11,100.00
22,400.00
388,250.00

6,000.00
700.00
6,700.00

374,500.00
13,750.00 Understatement of Inventory

6,700.00
13,750.00
20,450.00
Problem 3
Sales
Purchases 27,000.00 8,295,000.00
Accounts Payable 27,000.00 (225,000.00)
(195,000.00)
Inventory 96,000.00
COS 96,000.00

Inventory 120,000.00
COS 120,000.00

Sales 225,000.00 7,875,000.00


Accounts Receivable 225,000.00

Inventory 180,000.00
COS 180,000.00

Sales 195,000.00
Accounts Receivable 195,000.00

PAS 16/FASB
Purchases Accounts Receivable Inventory Accounts Payable
4,500,000.00 750,000.00 900,000.00 600,000.00
27,000.00 (225,000.00) 96,000.00 27,000.00
(195,000.00) 120,000.00
180,000.00

4,527,000.00 330,000.00 1,296,000.00 627,000.00


PAS 16/FASB/Other Pronouncement Point of Sale/Purchase

1 Goods waiting for Pick-up by customer Upon Segregation


2 Goods waiting for Pick-up by carrier No Sale or Purchase

3 Goods w/ buy-back agreement No Sale or Purchase (Financing)

When certainty of return is


4 Goods w/ High rates of return determine
5 Goods w/ money-back guarantee After the prescription Period
6 Goods w/ lay-away plan Full payment
7 Special Order Completion of production
8 Consignment Sales Goods sold
When Certainty of collectibility
9 Installment sales is determine
Problem 4

Inventory Accounts Payable Sales


400,000.00 167,500.00 5,000,000.00
1 (9,000.00) (9,000.00)
2 (15,000.00)
3 11,000.00
4 50,000.00
5 8,000.00 8,000.00
445,000.00 166,500.00 5,000,000.00