Q6. Use the following information to answer Q6a, Q6b & Q6c [1 mark for each wholly...

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Q6. Use the following information to answer Q6a, Q6b & Q6c [1 mark for each wholly correct answer]. Kumasi Co. sells two types of roofing tiles. One type of tile is made from natural quarried slate and the other from cement. The natural slate is offered in two colors, and the cement tiles in three colors. The company's Inventory at Cost [FIFO] and NRV are given in the table below. Group Item Cost $ NRV $ Slate Black 90,000 70,000 Blue 95,000 90,000 Cement Red 100,000 120,000 Yellow 95,000 110,000 Green 50,000 40,000 LCNVR by: Individual Item Group Total Q6a. Determine LCNVR by applying the LCNVR rule to each of the 5-individual tiles. Show plausible calculations to get credit. Answer: LCNRV by individual item is $ Q6b. Determine LCNVR by applying the LCNVR rule to the each of the 2 groups, slate, and cement. Show plausible calculations to get credit. Answer: LCNRV by group is $ Q6c. Determine LCNVR by applying the LCNVR rule to the total inventory. Show plausible calculations to get credit Answer: LCNRV by total inventory is $ Q7. West Inc. bought Machine No. 2 for $16,000 on Jan 1, 2016. It had a 4-year life with no residual value and was depreciated using straight-line. West revalues its machines at the end of each financial year. The appraised fair values of Machine No. 2 are shown below. West disposed of valueless Machine No. 2 on Jan 1, 2020. Date Fair Value $ No credit for answers submitted without plausible calculations Dec 31, 2016 11,100 Dec 31, 2017 8,500 Dec 31, 2018 4,250 Dec 31, 2019 0 Provide journal entries for each of following dates. [1% marks for each part] Q7a Dec 31, 2016 Show calculations Journal entries Dr. Cr. Q7b. Dec 31, 2017 Show calculations Journal entries Dr. Cr Q7c Dec 31, 2018 Show calculations Journal entries Dr. Cr. Q7d Show calculations Jan 1, 2020 Journal entries Dr Units of production data for the two departments of Continental Cable and Wire Company for May of the current fiscal year are as follows: Drawing Department Winding Department Work in process, May 1 1,550 units, 55% Completed and transferred to next processing department during May Work in process, May 31 completed 24,800 units Each department uses the average cost method. 500 units, 35% completed 24,200 units 1,200 units, 55% completed 800 units, 25% completed a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Departmen Whole units Equivalent units of production units 25,460 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department Whole units Equivalent units of production units 24,400 units Feedback Q6. Use the following information to answer Q6a, Q6b & Q6c [1 mark for each wholly correct answer]. Kumasi Co. sells two types of roofing tiles. One type of tile is made from natural quarried slate and the other from cement. The natural slate is offered in two colors, and the cement tiles in three colors. The company's Inventory at Cost [FIFO] and NRV are given in the table below. Group Item Cost $ NRV $ Slate Black 90,000 70,000 Blue 95,000 90,000 Cement Red 100,000 120,000 Yellow 95,000 110,000 Green 50,000 40,000 LCNVR by: Individual Item Group Total Q6a. Determine LCNVR by applying the LCNVR rule to each of the 5-individual tiles. Show plausible calculations to get credit. Answer: LCNRV by individual item is $ Q6b. Determine LCNVR by applying the LCNVR rule to the each of the 2 groups, slate, and cement. Show plausible calculations to get credit. Answer: LCNRV by group is $ Q6c. Determine LCNVR by applying the LCNVR rule to the total inventory. Show plausible calculations to get credit Answer: LCNRV by total inventory is $ Q7. West Inc. bought Machine No. 2 for $16,000 on Jan 1, 2016. It had a 4-year life with no residual value and was depreciated using straight-line. West revalues its machines at the end of each financial year. The appraised fair values of Machine No. 2 are shown below. West disposed of valueless Machine No. 2 on Jan 1, 2020. Date Fair Value $ No credit for answers submitted without plausible calculations Dec 31, 2016 11,100 Dec 31, 2017 8,500 Dec 31, 2018 4,250 Dec 31, 2019 0 Provide journal entries for each of following dates. [1% marks for each part] Q7a Dec 31, 2016 Show calculations Journal entries Dr. Cr. Q7b. Dec 31, 2017 Show calculations Journal entries Dr. Cr Q7c Dec 31, 2018 Show calculations Journal entries Dr. Cr. Q7d Show calculations Jan 1, 2020 Journal entries Dr Units of production data for the two departments of Continental Cable and Wire Company for May of the current fiscal year are as follows: Drawing Department Winding Department Work in process, May 1 1,550 units, 55% Completed and transferred to next processing department during May Work in process, May 31 completed 24,800 units Each department uses the average cost method. 500 units, 35% completed 24,200 units 1,200 units, 55% completed 800 units, 25% completed a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Departmen Whole units Equivalent units of production units 25,460 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department Whole units Equivalent units of production units 24,400 units Feedback