Giải bài tập cuối kỳ môn International Financial Reporting Statement 1 ( Chuẩn Mực Báo Cáo Tài Chính Quốc Tế 1) Question 1: The inventory value for the financial statements of MBC Inc for the ended 30june 2016 was based on a inventory count on 7 july 2016, which gave a toatl inventory value of 61,300. Between 30 june and 7 july 2017, the following transaction tool place. Purchase of goods 20,400, sale of goods (markup on cost at 15%) 14,950, goods returned by MBC Inc to supplier 1,500 Which figure should be imcluded in the financial statements for inventories at 30 june 2017:
Question 1: The inventory value for the financial statements of MBC Inc for the ended 30june 2016 was based on a inventory count on july 2016, which gave a toatl inventory value of $61,300 Between 30 june and july 2017, the following transaction tool place Purchase of goods $20,400, sale of goods (mark-up on cost at 15%) 14,950, goods returned by MBC Inc to supplier 1,500 Which figure should be imcluded in the financial statements for inventories at 30 june 2017: SOLUTION: Gọi x giá trị hàng tồn kho ngày 30/6: X + 20,400 - – 1,500 = 61,300 X = $55,400 Question : Wells Co bought an item of machinery on 30 September 20X2 for $47.900, The useful life of the-asset was five years and depreciation commenced on this date on the straight line basis Due to a change in the focus of Wells’ business, the asset was disposed of on 30 September 20x5 The proceeds of the sale were $30,800 What profit or loss is recognised in wells’ statement of comprehensive income for the year ended 31 December 20X6 (if profit, write Positive number; if loss, write negative number (S ) SOLUTION: Cost – Residual Value ( Salvage Value ) Depreciation = Useful Life 47,900 - = 9,580 Year Depreciation 20X2 ( Last three months) 9,580 x = $2,395 20X3 12 $9,580 20X4 $9,580 20X5 9,580 x = $7,185 12 Carrying Amount = 47,900 – 2,395 –( 9,580 x2 ) – 7,185 = $19,160 Machine for sale = $30,800 Frofit = $30,800 – $19,160 = $11,640 Question : NPAwood Construction In.c recognizes revenue over time according to percentage of completion for its long-term construction contracts In 2016, NPAwood began work on a $11,652,000 fixed-fee construction contract, which was completed in 2017 The accounting records disclosed the following data at the end of 2016: Cost incurred $5,400,000 Estimated cost to complete $3,600,000 Progress billing $3,402,000 Cash collection $3,200,000 The amount of accounts receivable is added in the 2016 financial position related to the construction accounts is $3,589,200 SOLUTION Gross profit = Revenue – Total cost (LNG= DT-tổng chi phí) The Revenue = ( Cost incurred : Total cost ) × Completion cost (Doanh thu = (Chi phí phát sinh: Tổng chi phí) × Chi phí hồn thành) = ( 5,400,000 : 9,000,000 ) × 11,652,000= $6,991,200 => (9.000.000 Chi phí phát sinh $ 5,400,000+Chi phí ước tính để hoàn thành $ 3,600,000) Gross profit = 6,991,200 – 5,400,000 = $1,591,200 Now put these values to the above formula So, the value would equal to: = $5,400,000 + $1,591,200 – 3,402,000 = $3,589,200 Question 4:The Simpson Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts In 2016, Simpson began work on a construction contract Information on this contract at the end of 2016 is as follows: Cost incurred during the year : 2,000,000 Estimated aditional cost to complete: 8,100,000 Gross profit recognized in 2016: $210,500 What is the contract price (total revenue) on this contract is SOLUTION: Revenue = Gross profit + Total cost Revenue = 210,500 + (2,000,000 + 8,100,000) Revenue = $10,310,500 Question 5: A company values its inventory using the first in, first out (FIFO) method At May 1st, 2017, the company 811 engines in inventory, valued at $ 190 each During the year ended 30 April, 2017 the following transactions took place: July 1st, 2017, purchased 763 engines at $220 each, November 1st, 2017, sold 400 engines for $ 160,000 February 1st, 2018, purchased 341 engines at $230 each, April 15th, 2018, sold 250 engines for $125,000 The value of the company's closing inventory of engines at 30 April 2018: SOLUTION: Calculate the closing inventory at 30 April 2018: + Balance at the beginning of the period is 811, but during the period 650 were sold out so: 811 – (400 + 250) = 161 + The ending balance is : 161 x $190 + 763 x $220 + 341 x $230 = $276,880 Question 6: Skyer manufacturers and sells adhesive warning signs for workplaces The stock of signs was included in the closing inventory as of 31 Dec 2017 at cost $32 per pack During the final audit the auditors noted that the subsequent selling price for the inventory at 15th Jan 2018 was $186 per pack Furthermore, inquiry reveals that during the physical stock take, a water leakage has damaged the signs and glue Accordingly in the following week, Sticky Corp spent a total of $26 per pack for repairing and reapplying the glue to the signs What are the net realisable value and inventory write-down (loss)? Select one: a $160 and $0 respectively b $154 and $26 respectively c $160 and $128 respectively d $160 and $32 respectively SOLUTION: NRV = Selling Price – Cost to Completion – Cost to make the sale NRV = $186 - $26 - = $160 Question 7: A company values its inventory using the first in, first out (FIFO) method At May 1st, 2017, the company 807 engines in inventory, valued at $ 190 each During the year ended 30 April, 2017 the following transactions took place: July 1st, 2017, purchased 845 engines at $220 each, November 1st, 2017, sold 400 engines for $ 160,000 February 1st, 2018, purchased 496 engines at $230 each, April 15th, 2018, sold 250 engines for $125,000 The value of the company's closing inventory of engines at 30 April 2018: Date 1/5/2017 1/7/2017 No, units 845 Purachases Unit Total cost cost 220 15/4/2018 30/4/2018 496 230 Cost of sales Unit Total cost cost 185,900 1/11/2017 1/2/2018 No, units 400 400 160,000 250 500 125,000 114,080 No, units 807 807 845 407 845 407 845 496 157 845 496 Balance Unit Total cost cost 190 153,330 190 153,330 220 185,900 190 77,330 220 185,900 190 77,330 220 185,900 230 114,080 190 29,830 220 185,900 230 114,080 329,810 ... Balance Unit Total cost cost 19 0 15 3,330 19 0 15 3,330 220 18 5,900 19 0 77,330 220 18 5,900 19 0 77,330 220 18 5,900 230 11 4,080 19 0 29,830 220 18 5,900 230 11 4,080 329, 810 ... 220 15 /4/2 018 30/4/2 018 496 230 Cost of sales Unit Total cost cost 18 5,900 1/ 11/ 2 017 1/ 2/2 018 No, units 400 400 16 0,000 250 500 12 5,000 11 4,080 No, units 807 807 845 407 845 407 845 496 15 7 845... $2,395 20X3 12 $9,580 20X4 $9,580 20X5 9,580 x = $7 ,18 5 12 Carrying Amount = 47,900 – 2,395 –( 9,580 x2 ) – 7 ,18 5 = $19 ,16 0 Machine for sale = $30,800 Frofit = $30,800 – $19 ,16 0 = $11 ,640 Question