The supplementary ledger account of material 2 presented the following entries in June 200X: Value Quantity...

 

Transcribed Image Text:

The supplementary ledger account of material 2 presented the following entries in June 200X: Value Quantity (kilograms) No 12345 Date 08.06 10.06 12.06 18.06 25.06 - Document ▾ Inflow Inflow Outflow Inflow Outflow Accounting operations in December: 1. 100 units of material X were purchased at 12 per unit. Purchase price 1 200 100 200 200 150 180 Transport cost 100 2. 200 units of material X were purchased at 13 per unit. Purchase price 2 600 Transport cost 100 Price EQUITY & LIABILITIES 1500 Shareholders' capital Required: Calculate the ending inventory cost and the cost of used materials 2 for each of the given methods: a) weighted average cost method; b) FIFO; c) UFO. Exercise 2 The balance sheet of the company A as at 01.12.20x1 ASSETS Finished goods (50 units at 30 per unit) Other assets Total assets 24 500 Liabilities 26 000 Total equity & liabilities 4 5.5 6 400 1100 900 25 000 3. 200 units of material X were issued to production (work in progress). 4. Salaries were calculated 4 000 (2 man-hours per 1 product, value of 1 man-hour is 10). 1000 26 000 5. Production of 200 units was finished (no work in progress). 6. 100 units of finished goods were sold at 35 per unit. Required: Present the financial statement as at the end of December 20X1, taking into account the following accounting policy of company A: The supplementary ledger account of material 2 presented the following entries in June 200X: Value Quantity (kilograms) No 12345 Date 08.06 10.06 12.06 18.06 25.06 - Document ▾ Inflow Inflow Outflow Inflow Outflow Accounting operations in December: 1. 100 units of material X were purchased at 12 per unit. Purchase price 1 200 100 200 200 150 180 Transport cost 100 2. 200 units of material X were purchased at 13 per unit. Purchase price 2 600 Transport cost 100 Price EQUITY & LIABILITIES 1500 Shareholders' capital Required: Calculate the ending inventory cost and the cost of used materials 2 for each of the given methods: a) weighted average cost method; b) FIFO; c) UFO. Exercise 2 The balance sheet of the company A as at 01.12.20x1 ASSETS Finished goods (50 units at 30 per unit) Other assets Total assets 24 500 Liabilities 26 000 Total equity & liabilities 4 5.5 6 400 1100 900 25 000 3. 200 units of material X were issued to production (work in progress). 4. Salaries were calculated 4 000 (2 man-hours per 1 product, value of 1 man-hour is 10). 1000 26 000 5. Production of 200 units was finished (no work in progress). 6. 100 units of finished goods were sold at 35 per unit. Required: Present the financial statement as at the end of December 20X1, taking into account the following accounting policy of company A:

Answer rating: 100% (QA)

Exercise 1 Exercise 2 1 N M 2 3 4 LO 5 6 7 con 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2... View the full answer