Thảo luận nhóm TMU FINANCIAL ACCOUNTING 1

TRƯỜNG ĐẠI HỌC THƯƠNG MẠI KHOA KẾ TOÁN-KIỂM TOÁN  BÀI THẢO LUẬN FINANCIAL ACCOUNTING Lớp học phần: 20713EACC0811 Nhóm Giảng viên: Phạm Thanh Hương LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com DANH SÁCH THÀNH VIÊN NHÓM STT HỌ VÀ TÊN MÃ SINH VIÊN Nguyễn Hương Giang 18D155029 Nguyễn Thị Thanh Giang 18D155032 Đặng Khánh Hà 18D155009 Đặng Thanh Hà 18D155010 Kiều Thanh Hằng 18D155011 TrầnThị Thu Huệ 18D155028 Bùi Thị Xuân Hương 18D155012 Đỗ Quang Huy 18D155038 Tống Trọng Khang 18D155013 Nguyễn Khánh Linh 18D155037 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com QUESTION Question 1: The information below relates to inventory item X June 30 units held in opening inventory at a cost of $40 per unit 15 50 units purchased at a cost of $30 per unit 23 60 units sold at a selling price of $60 per unit 30 40 units purchased at a cost of $25 per unit Under AVCO, what is the value of inventory held for item X at the end of June 30? A $1850 B $2450 C $1870 D $1240 Question 2: A firm has the following transactions with it product X January 20X1 opening inventory: nil February 20X1 buys 10 units at $200 per unit 11 February 20X1 buys 12 units at $220 per unit LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com April 20X1 sells units at $350 per unit August 20X1 buys units at $180 per unit December 20X1 sells 10 units at $400 per unit The firm uses periodic weights average cost to value its inventory What is the inventory value at the end of the year? A $1886.25 B $2432.78 C $1425.56 D $1846.67 Question 3: The inventory value for the financial statements of Q for the year ended 31 December 20X4 was based on an inventory count on January 20X5, which gave a total inventory value of $724,800 Between 31 December and January 20X5, the following transactions took place: $ LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Purchases of goods 9,200 Sales of goods (profit margin 30% on sales) 18,000 Goods returned by Q to supplier 600 What adjusted figure should be included in the financial statements for inventories at 31 December 20X4? A $734,300 B $853,200 C $728,800 D.$756,800 Question Infomation relating to Lauren Co’s transactions for the month of May 20X4 is shown below: LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Sale (including tax) $160000 Purchase (net of sales tax) $85000 Sale tax is charged at a flat rate of 20% Lauren Co’s sales tax account had a zero balance at the beginning of the month and at the end of the month Lauren Co’s sales for the month of $160000 included $30000 of sales exempt from sales tax What was the total sales tax paid to regulatory authorities at the end of May 20X4 (to the nearest $)? A 26332 B 26223 C 26323 D 26233 Question The inventory value for the financial statements of Global Inc for the year ended 30 June 20X3 was based on a inventory count on July 20X3, which gave a total inventory value of $960000 Between 30 June and July 20X6, the following transactions took place Purchase of goods $11850 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Sale of goods (mark-up on cost at 15%) $14000 Goods returned ny Global Inc to supplier $1550 What figure should be included in the financial statements for inventories at 30 June 20X3? A 961,837 B 961,378 C 961,387 D 961,873 Question An inventory record shows the following details: March 20 units in stock at a cost of $40 per unit 80 units purchased at a cost of $42 per unit 10 70 units sold 20 60 units purchased at a cost of $50 per unit 28 65 units sold What is the value of inventory at 28 March using the AVCO method? LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com A 1118,75 B 2098,75 C 2098,57 D 1118,57 Question 7: A company has decided to switch from using the FIFO method of inventory valuation to using the AVCO method In the first accounting period where the change is made, opening inventory valued by the FIFO method was $60200 Closing inventory valued by the AVCO method was $69800 Total purchase and during the period were $140500 Using AVCO method, opening inventory would have been valued at $66200 What is the cost of materials that should be included in the statement of profit or loss for the period? A $136,900 B $136,090 C $139,600 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com D $196,300 Question 8: Peter buys and sells washing machines He has been trading for many years On January 20X7, his opening inventory is 30 washing machines which cost $9,500 He purchased 65 machines in the year amounting to $150,000 and on 31 December 20X7 he has 25 washing machines left in inventory with a cost of $7,500 Peter has sold 70 machines with a sales value of $215,000 in the year Calculate the gross profit for the year ended 31 December 20X7 A $70,500 B $63,000 C $60,500 D $54,000 Question 9: A trader starts in business and by the end of his first year he has purchased goods costing $21,000 and has made sales totaling $25,000 Goods which cost him $3,000 have not been sold by the end of the year What profit has he made in the year? LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com A $7,000 B $7,500 C $4,000 D $4,500 Question 10: The Delta company uses a periodic inventory system The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below: July 01: Beginning inventory, 500 units @ $20 per unit July 18: Inventory purchased, 800 units @ $24 per unit July 25: Inventory purchased, 700 units @ $26 per unit The Delta company sold 1,400 units during the month of July 10 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com The gross profit margin is 20% where: A cost of sales is $100,000 and sales are $120,000 B cost of sales is $100,000 and sales are $125,000 C cost of sales is $80,000 and gross profit is $16,000 D cost of sales is $80,000 and sales are $96,000 Question 26 When calculating the cost of inventory, which of the following shows the correct method of arriving at cost? Include inward delivery costs Include production overheads A Yes No B No Yes C Yes Yes D No No Question 27 In preparing its financial statements for the current year, a company's closing inventory was understated by $300,000 22 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com What will be the effect of this error if it remains uncorrected? A The current year's profit will be overstated and next year's profit will be understated B The current year's profit will be understated but there will be no effect on next year's profit C The current year's profit will be understated and next year's profit will be overstated D The current year's profit will be overstated but there will be no effect on next year's profit Question 28 Indicate whether the following statements are true or false Import duties are included in the cost of inventory A True B False Question 29 Sahara plc sells three products - Basic, Super, Luxury The following information was available at the year end 23 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Basic Super Luxury (200 units) (250 units) (150 units) Price $ per unit Price $ per unit Price $ per unit Original cost 18 Estimated selling price 12 15 Selling and distribution costs to be incurred What is the value of inventory at the year end? A $3,600 B $4,700 C $5,100 D $6,150 Question 30 An extract from a business's statement of profit or loss is as follows: $ $ 24 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Revenue 115,200 Opening inventory 21,000 Purchases 80,000 Closing inventory (5,000) (96,000) 19,200 What mark-up has the business applied? A 14,8% B 16,7% C 20,0% D 83,3% ANSWER Question 1: A Average price = ( 30 x 40 + 50 x30 + 40 x 25 ) : ( 30 + 50 + 40 ) = $30,83 25 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com -> AVCO value of inventory = 30,83 x ( 30 + 50 -60 + 40 ) = $1850 Question 2: D Average price = ( 10 x 200 + 12 x220 + x 180 ) : ( 10 + 12 + ) = $205.19 -> AVCO value of inventory = 205,19 x ( 10 + 12 - + + 10 ) = $1846.67 Question 3: C Inventory count value 724,800 Less: purchases(9,200) Add: sales (18,000 × 70/100) Add: goods returned Inventory 12,600 600 728,800 Question 4: A Sales: 130000 x (20% /120%) = 21666  Tax: 21666 Purchase: 85000 x 20%= 170000 Total sale tax = 21666 + 21666 – 17000 = 26332 Question 5: D 26 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com COGS = 14000 X 100/15 = $93.333  Inventory: 960000 – 11850 + 1550 + (14000 x 100/115) = 961,873 Question 6: A Cost per unit = ( opening inventory value + total cost of purchase) / (opening quantity + total quantity received)  Cost per unit = (20x40 + 80x42 + 60x50) / (20 + 80 + 60) = 44,75  Closing inventory: 44,75 x 65= 2908,75 Date Transaction Units opening transaction Purchased 80 units ($42) 100 10 Sold 70 units 20 Purchased 60 units ($50) 90 28 Sold 65 units Value 20 30 25 44,75 x 25= 1118,75 Question 7: A Because the company switch to the AVCO method, so we will use it 27 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Opening inventory (AVCO method) 66200 Purchase 140500 Less closing inventory 69800 Total 136900  Cost of materials = $136900 Question 8: B Question 9: A The unsold goods are referred to as closing inventory This inventory is deducted from purchases in the income statement Gross profit is thus: 28 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Question 10: Có hai phương pháp tính Cách thứ nhất: Number of units in ending inventory: Ending inventory = Beginning inventory + Purchases made during the month – Units sold during the month = 500 units + (800 + 700) units – 1,400 units = 600 units a Computation of inventory on July 31, 2016 ( i, e., ending inventory) under FIFO: Most recent cost; July 25,2016: 600 units @ $26 per unit = $15,600 b Computation of cost of goods sold (COGS) for July 31, 2016 under FIFO: Cost of units on July 1, 2016 (beginning inventory): 500 units @ $20 per unit = $10,000 29 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Add cost of units purchased during the month: 800 units purchased @ $24 per unit = $19,200 700 units purchased @ $26 per unit = $ 18,200 Total cost of units available for sale = $10,000 + 19,200 + 18,200 = $47,400 Total cost of 1,400 units sold during July = Total cost of units available for sale Cost of units in ending inventory (part 1) = $47,400 - 15,600 = $31,800 Cách thứ hai, tính chi phí hàng bán theo earliest method sau: Earliest cost; July 01, 2016: 500 units @ $20.00 per unit = $10,000 Next earliest cost; July 18, 2016: 800 units @ $24.00 per unit = $19,200 Next earliest cost; July 25, 2016: 100 units @ $26.00 per unit = $2,600 Total cost of 1,400 units sold during July = $10,000 + 19,200 + 2,600 = $31,800 Question 11: D $ Original value 300,700 Hats a, Cost 400 * $50 (20,000) 30 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com b, NRV ($40 * 95%) * 400 15,200 Inventory value (1) - (2a) + (2b) 295,900 Question 12: B Opening inventory 160 Net purchases 1140 Closing inventory (75) Cost of sales 1225 Question 13: A Opening inventory 6700 Add purchases 84000 Less closing inventory (5500) Cost of sales 85200  Gross profit = 20% x 85200 = 17040 Question 14: B Product A= 3500×10 + 500×6= 38000 31 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Product B= 800×6 + 200×2.50= 5300 Question 15: C Opening Inventory (AVCO method) 55000 Purchases 140300 Less closing inventory (60200) Cost of materials 135100 Question 16: D Question 17: A Question 18: B $ Inventory count value 725,100 Less purchases (7,500) Add sales (13.000 x 70/100) 9.100 Add goods returned Inventory figure 600 727,300 32 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Question 19: D $ Opening inventory 8.100 Purchases 87.600 Delivery inwards 60 Less closing inventory 9.200 86.560 Question 20: D $ $ Original balance 497.500 Item (1) cost (20.000) NRV 17000-900 16.100 Write down 3.900 Inventory value 493.600 33 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Question 21: C b/d Sales: 120.000×15%/115%= 15.625 Purchase: 65.000 × 15% = 9750 Cash: 4.500 13.075 c/d 22.825 2.700 22.825  The total sales tax paid to regulatory authorities during the month of March 20X3 is 13.075 Question 22: C Dr Purchases $475 Cr Payables $475 Cannot reclaim the input sales tax of $75 because Alan is not registered for sales tax purposes Question 23: B If prices are rising, the charge to cost of sales will be higher if AVCO is used Gross profit will therefore be lower under this method 34 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Question 24: A, E Cause B,C is distribution cost D is not incurred in cost of finished good Question 25: B 125,000 x 80% = 100,000 Question 26: C Question 27: C This year: Closing inventory lower => COGS higher => Gross profit lower Next year: Closing inventory the past year is Opening Inventory this year => Gross profit higher Question 28: B Closing inventory is a debit in the statement of financial position and a credit in the statement of profit or loss Question 29 B Cost $ NRV Lower of Units Value cost & 35 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com NRV Basic 200 1,200 Super 8 250 2,000 Luxury 18 10 10 150 1,500 Total 4,700 Question 30: C 19,200 / 96,000 x 100% = 20% 36 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... VIÊN NHÓM STT HỌ VÀ TÊN MÃ SINH VIÊN Nguyễn Hương Giang 18 D155029 Nguyễn Thị Thanh Giang 18 D155032 Đặng Khánh Hà 18 D155009 Đặng Thanh Hà 18 D155 010 Kiều Thanh Hằng 18 D155 011 TrầnThị Thu Huệ 18 D155028... + 50 -60 + 40 ) = $18 50 Question 2: D Average price = ( 10 x 200 + 12 x220 + x 18 0 ) : ( 10 + 12 + ) = $205 .19 -> AVCO value of inventory = 205 ,19 x ( 10 + 12 - + + 10 ) = $18 46.67 Question 3:... 216 66 – 17 000 = 26332 Question 5: D 26 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com COGS = 14 000 X 10 0 /15 = $93.333  Inventory: 960000 – 11 850 + 15 50 + (14 000 x 10 0 /11 5) = 9 61, 873