CHUẨN MỰC BÁO CÁO TÀI CHÍNH QUỐC TẾ 1 ÔN THI CUỐI KỲ IFRS1 CMBCTC1 Question 1 Customers get a free handset when they sign a 2year network services The handset has a standalone price of 100 and the contract is 20 per month Question : ABC company wrote a contract that involves two performance obligations. Product A has a standalone selling price of 100, and product B has a standalone selling price of 150. The price for the combined product is 200. Required: What is the transaction price would be allocated to the performance obligation for delivering product A and B? Bichchell wrote a contract that involves two separate performance obligations. Bichchell cannot estimate the stand alone selling price of product A. Product B has a standalone selling price of 150. The price for the combined product is 200. Required: What is the transaction price would be allocated to the performance obligation for delivering product A (use the residual method)? On Dec 31, 2014, entity E owns 200 units of merchandise M. The purchase, took place on Oct 15, 2014. Settlement in cash and delivery took place on the same date. The costs of purchase were 50 per unit. On Dec 31, 2014, the net realizable value amounts to 45 per unit. On Jul 10, 2015, 120 units of M were sold to a customer for 60. Settlement in cash and delivery took place on the same date. On Dec 31, 2015 there are still 80 units of M in the warehouse of E which could not be sold yet. At that date, net realizable value amounts to 55 per unit Required • Provide optimal solution for preparing any necessary entries for recording the transaction and adjusting the ending inventory at Dec 31, 2014; Dec 31, 2015. NPA Construction Company recognizes revenue over time according to percentage of completion for its longterm construction contracts. During 2016, NPA began work on a 6,000,000 fixedfee construction contract, which was completed in 2019. The accounting records disclosed the following data at yearend:
IAS2 – INVENTORY Quesfion: Whether it is inventeries or not???? Cái HTK??? Ko phải HTK Ex1: An entity trades in commercial property (ie it buys commercial property with a view to selling it at a profit in the near term) Ví dụ 1: cty chuyên kinh doanh bất động sản (đất, nhà) (ví dụ: cty mua bất động sản sau kiếm lời) Bất động sản: TK 156: Mua => Bán => Bất động sản HTK Commercial property is Goods Commercial property is inventory Ex2: An entity holds lubricants that are consumed by the entity's machinery in producing goods Ví dụ 2: cty có kho chất bơi trơn (chai dầu nhớt) sử dụng cho máy móc lại cty đề sản xuất hàng hóa Chất bơi frơn (chai dầu nhớt): TK 152 => Chất bôi trơn (chai dầu nhớt): HTK Lubricant is Materials Lubricant is Inventory Ex3: An entity holds a building to eam rentals under operating leases from independent third parties Ví dụ 3: cty có Tịa nhà bên thứ ba thuê theo hợp đồng cho thuê hoạt động Tịa nhà: KHƠNG PHẢI LÀ HTK A building is not inventory Ex4: An entity that manufactures chemicals maintains its manufacturing plant using a specially designed (bespoke) cleaning machine acquired from a local store The machine is expected to be used by the entity for many years Ví dụ 4: cty sản xuất hóa chất cần máy lạnh làm thiết kế riêng biệt cho cty mua từ cửa hàng địa phương Cái máy làm dự kiến sử dụng nhiều năm Cái máy làm sạch: TK 211 – Cái máy làm KHÔNG LÀ HTK Cleaning machine is not inventory Ex5: Statement Of Financial Position Classification Where, if at all, should the following items be classified on a statement of financial position? Trường hợp, có, khoản mục sau nên phân loại báo cáo tình hình tài chính? a) b) c) d) e) f) Goods out on approval to customers Hàng cho phép khỏi công ty để bán cho khách hàng Goods in transit that were recently purchased FOB destination Land held by a real estate firm for sale Đất công ty bất động sản nằm giữ để bán Raw materials Nguyên vật liệu thô => TK 152 => Là HTK Goods received on consignment => Nhận hàng gửi bán => Không phải HTK không nằm BCĐKT Stationery supplies => Văn phòng phẩm C) Đất công ty chuyên kinh doanh bất động sản nắm giữ đế bán Case 1: Land belongs to the company (company purchase land and then sells it) - Land is Goods → Land is Inventory Case 2: Land belongs to some one else - Land is not inventory & not classified on Statement of Financial Position Trường hợp 1: Đất => cty mua để bán - Đất: (156) Đất hàng hóa Trường hợp 2: Đất (thuộc quyền sở hữu người đó) nhờ cty bán mảnh đất Đất: thuộc quyền sở hữu người khác Đất => Khơng phải HTK F) Văn phịng phẩm Trường hợp 1: Cty chuyên kinh doanh VPP - VPP: TK 156 => VPP HTK Trường hợp 2: Cty (miễn ko phải cty chuyên kinh doanh VPP) - VPP: không HTK Nhưng nằm bcđkt (Bởi VPP nằm khoản tên “TS ngắn hạn khác) Cost of Inventory Cost of Inventory = Costs of Purchase + Costs of Conversion + Other Costs Giá gốc HTK = Trị giá mua + Chi phí chuyển đổi + Chi phí khác Costs of purchase = purchase price + import duties + other taxes (non-refundable in nature) + other costs (transport and handling) Trade volume rebates (trade and cash discount) Trị giá mua = Giá mua + Thuế Nhập + Thuế khác (khơng tính:Thuế tiêu thụ, Thuế GTGT theo pp trừ) + CP khác (ví dụ: CP vận chuyển, CP bốc dỡ) – Khoản giảm giá/chiết khấu (CKTM, GGHM, CKTT) Costs of conversion = direct costs + indirect costs (allocated production overheads) Chi phí chuyển đổi = CP trực tiếp + CP gián tiếp (TK 621, 622, 627) Other costs (eg: specific design expenses incurred in producing goods for individual customers) Chi phí khác (ví dụ: chi phí thiết kế riêng biệt cho khách hàng cụ thể) Question Speedway Auto Manufacturers Date: 21 March 2011 Title: Additional costs-breakdown Purchase price Shipping costs Import duties Consumption taxes Transportation costs to the warehouse 60,000 400 1,000 900 300 Tên cty: Sản xuất Speedway Ngày 21/03/2021 Những chi phí sau Giá mua Chi phí vận chuyển Thuế nhập Thuế tiêu dùng (Thuế GTGT theo PP Khấu trừ) Chi phí vận chuyển tới kho doanh nghiệp Note: 2% discount for immediate payment Chiết 2% toán => Chiết khấu toán Based on Henry Carr's email, what is the amount Speedway should book as the cost of purchase of the tires ? Tính trị giá (giá gốc) bánh xe mà DN mua Solution: Costs of purchase = purchase price + import duties + other taxes (non-refundable in nature) + other costs (transport and handling) Trade volume rebates (trade and cash discount) =60,000+ 1,000+0+(300+400) - (60,000 x 2% ) = 60,500 Costs of conversion = direct costs + indirect costs (allocated production overheads) = Other costs (eg: specific design expenses incurred in producing goods for individual customers) = Question 2: A retailer buys a good priced at $500 per unit However, the supplier awards the retailer a 20 percent discount on orders of 100 units or more The retailer buys 100 units in a single order Require: Compute the cost of goods? Solution: Costs of purchase = purchase price + import duties + other taxes (non-refundable in nature) + other costs (transport and handling) Trade volume rebates (trade and cash discount) = (500 x 100) + + + - (500 x 100 x 20% ) = 40,000 Costs of conversion = direct costs + indirect costs (allocated production overheads) = Other costs (eg: specific design expenses incurred in producing goods for individual customers) = | Question 3: A retailer buys a good priced at $500 per unit However, the supplier awards the retailer a 20 per cent discount on orders of 100 units or more Furthermore, when the retailer has purchased 1,000 or more units in a calendar year, the supplier awards the retailer a further volume discount of 10 per cent of the list price The additional volume discount applies to all units acquired by the Oretailer during the calendar year On January 20X1 the retailer buys 1,000 units from the supplier in a single order Require: Compute the cost of goods? nhà bán lẻ mua hàng với giá $500/hàng Tuy nhiên, nhà cung cấp cho khoản chiết khấu 20% cho đơn đặt hàng >=100 hàng Ngoài ra, nhà bán lẻ mua >= 1,000 hàng năm nhà cung cấp thưởng cho nhà bán lẻ khoản chiết khấu 10% giá niêm yết Khoản chiết khấu thêm (khoản chiết khấu 10%) áp dụng cho tất hàng mua nhà bán lẻ năm Vào ngày 1/1/20X1, nhà bán lẻ mua 1,000 hàng từ nhà cung cấp cho đơn đặt hàng Yêu cầu: Tính trị giá (giá gốc) hàng mua??? Tóm tắt: Mua 1,000 hàng, giá mua: $500/hàng Chính sách chiết khấu: - Mua >= 100 hàng > Giảm giá 20% - Mua >= 1,000 hàng – Giảm giá tiếp 10% Solution: Costs of purchase = purchase price + import duties + other taxes (non-refundable in nature) + other direct costs (transport and handling) - Trade volume rebates (trade and cash discount) = (500 x 1,000) +0+0+0-[(1,000 x 500 x 20% ) + (1,000 x 500 x 10% ) ] = 350,000 Costs of conversion = direct costs + indirect costs (allocated production overheads) = Other costs (eg: specific design expenses incurred in producing goods for individual customers) = → Đáp án: 350,000 + + = 350,000 Question 4: Entity E purchases merchandise on Nov 01, 01 Delivery takes place on the same day In the case of (normal) deferred settlement terms of one month, the purchase price would be CU 200 However, E and its supplier stipulate that payment has to be made on Nov 30, 02 but at an amount of CU 212 (CU 200 plus interest of 6% for one year) Require: a Calculate the cost of inventory? b Journalize the transactions, using the accounts as follows: + Merchandise inventory + Trade payable + Interest expense Cty E mua hàng hóa vào ngày 01/11/01 Việc giao hàng diễn ngày Trong trường hợp thông thường , trả chậm vịng tháng giá mua $200 Tuy nhiên, E nhà cung cấp quy định việc toán phải thực vào ngày 30/11/02 với số tiền toán $212 ($200 cộng với lãi suất 6%/năm) Tóm tắt: + Mua hàng hóa: tốn ngay: giá mua $200 + Thanh toán sau năm = Thanh toán + Lãi = 200 + (200*6%”) = 200 +12= $212 Solution: a The cost of merchandise = $200 b Journalize the transactions, using the accounts as follows: Dinh khoản nghiêp vu - Merchandise inventory (156) - Trade payable (331) - Interest expense (635) Nghiệp vụ 1: Mua hàng hóa chưa trả tiền Nợ 156: 200 Có 331: 200 Nghiệp vụ 2: Tiền lãi mà DN phải chịu Nợ 635: 12 Có 331: 12 Dr Merchandise Inventory: 200 Cr Trade Payable: 200 Dr Interest expense: 12 Cr Trade Payable: 12 Question 5: Accurate Laser-Guided Farm Implements, Inc purchases lasers, a component that it uses in manufacturing its signature product The company typically receives delivery of all its component parts and uses them in manufacturing its finished products during the fall and early winter, and then sells its stock of finished goods in the late winter and spring The supplier invoice for a January delivery of lasers includes the following line items: Lasers €5,043 Shipping and handling 125 Shipping insurance 48 Sales tax 193 Total €5,409 Require: Compute the cost of lasers? Solution: Costs of purchase = purchase price + import duties + other taxes (non-refundable in nature) + other direct costs (transport and handling, insurance) - Trade volume rebates (trade and cash discount) = 5,043+0+0+ (125+48)-0 = 5,216 Costs of conversion = direct costs + indirect costs (allocated production overheads) = Other costs (eg: specific design expenses incurred in producing goods for individual customers) = Đáp án: 5,216+0+0 =5,216 NRV - Net Realizable Value NRV = Selling price - Cost of completion - Cost to make the sales Giá trị = Giá bán - CP hoàn thành sp – CP để bán hàng Exercise 1: applying the lower of cost and NRV rule The following information relates to the inventory on hand at 30 June 2013 held by Vaasa Ltd Calculate the value of inventory on hand at 30 June 2013 in accordance with the requirements of IAS Item Quantity Cost perr unit Total cost NRV per unit Total NRV Lower A1458 600 2.3 1,380 3.26 1,956 Cost A1965 815 3.4 2,771 2.95 2,404.25 NRV B6730 749 7.34 5,497.66 9.05 6,778.45 Cost D0943 98 1.23 120.54 0.88 86.24 NRV C8123 156 3.56 555.36 5.03 784.68 Cost W2167 1492 6.12 9,131.04 7.3 10,891.6 Cost Adjusst Inventory (Cost)= $ 16,564.06 = (1,380 +5,498.66 + 555.36 +9,131.04) Inventory (NRV)= $ 2,490.49 = (2,404.25 + 86.24) Total inventory= $ 19,054.55 COST FOMULA Quản lý Hàng Tồn Kho Kê khai thường xuyên (Perpetual) Phương pháp xuất kho - FIFO - LIFO - BQQG - TTĐD Đầu kỳ: Biết Nhập: Biết Xuất: Biết Cuối kỳ = ĐK + Nhập – Xuất Kiểm Kê Định Kỳ (Periodic) Phương pháp xuất kho - FIFO - LIFO - BQQG - TTĐD Đầu kỳ: Biết Nhập: Biết Xuất: Không Biết Cuối kỳ:Kiểm kê kho: Biết Xuất = ĐK + Nhập – Cuối kỳ Exercise 1: Determining Inventory Cost And Cost Of Sales (Periodicy) The cost of inventory on hand at January 2013 was $25 000 and at 31 December 2013 was $35 000 Inventory purchases for the year amounted to $160 000, freight outwards expense was $500, and purchase returns were $1400 What was the cost of sales for the year ended 31 December 2013? Trị giá hàng tồn kho vào ngày 01/01/2013 $25,000 ngày 31/12/2013 $35,000 DN mua số hàng tồn kho với trị giá $160,000 chi phí vận chuyển từ chỗ DN đến chỗ Khách hàng $500 DN trả lại hàng mua với trị giá $1,400 Tính trị giá xuất bán (TK 632) năm kết thúc vào ngày 31/12/2013?? (a) $148 100 (b) $148 600 (c) $149 100 (d) $150 000 Solution Tính Số dư cuối kỳ 156: ĐK + PS Nợ - PS Có = CK X+A-B=Y B = X+A-Y B = 25,000 + 160,000 - 35,000 - 1,400 = 148,600, Chi phí vận chuyển (bán): Nợ 641: 500 Có 111,112, 331: 500 Trả lại hàng mua: Nợ 111, 112, 331: 1,400 Có 156; 1,400 Cost of sale = 25,000+ 160,000-35,000 - 1,400 = $ 148,600 Exercise 2: Determining Inventory Cost And Cost Of Sales (Periodicy) The following inventory information relates to K Rauma, who uses a periodic inventor system and rounds the average unit cost to the nearest dollar: Beginning Inventory 10 units x $25 each = $250 SDĐK 156: 10 sp x $25/sp = $ 250 January purchase 10 units x $24 each Tháng 1: Mua 10 sp x 24/sp = $ 240 July purchase 39 units x $26 each Tháng 7: Mua 39 sp x 26/sp = $ 1,014 October purchase 20 units x $24 each Tháng 10: Mua 20 sp x 24/sp = $ 480 Ending inventory 25 units SDCK 156: 25sp What is the cost of ending inventory using the weighted average costing method? Solution: Giá TB / hàng¿ 250+240+1,014+ 480 = 25.11/sp = 25/sp 10+10+39+20 SDCK = 25sp x 25/sp = $ 625 Exercise 3: Determining Inventory Cost And Cost Of Sales (Periodicy) The following inventory information relates to K Rauma, who uses a periodic inventor system and rounds the average unit cost to the nearest dollar: Beginning Inventory 10 units average cost of $25 each= $250 SDĐK 156: 10 sp x $25/sp = $ 250 January purchase 10 units $24 each Tháng 1: Mua 10 sp x 24/sp = $ 240 July purchase 39 units $26 each Tháng 7: Mua 39 sp x 26/sp = $ 1,014 October purchase 20 units $24 each Tháng 10: Mua 20 sp x 24/sp = $ 480 Ending inventory 25 units SDCK 156: 25sp What is the cost of ending inventory using the FIFO costing method? (a) 600 (b) 610 (c) 620 Solution: (20x24) + (5x26) = $ 610 Exercise 4: Assignment Of Cost (Perpetual) Select the correct answer Show any workings required and provide reasons to justify your choice Arvika uses the perpetual inventory method, Arvika’s inventory transactions for August 2014 were as follows: Using this information, assume that Arvika uses the FIFO cost flow method and that the sales returns relate to the 20 Augusts sales The sales return should be costed back into inventory at what unit cost? Sử dụng thông tin này, giả sử Arvika sử dụng phương pháp dịng chi phí FIFO doanh thu bán hàng trả lại liên quan đến doanh số bán hàng vào ngày 20 tháng Hàng bán bị trả lại nên tính trở lại hàng tồn kho với chi phí đơn vị bao nhiêu? Aug.1 10 12 16 20 Beginning inventory Purchases Purchases Sales Purchases Sales Sales returns No 20 10 20 15 20 40 70 Unit cost Total cost $4.0 $80 $4.2 $4.3 $4 $4.6 5*$4.0 10*$4.2 20*$4.3 5*$4.6 300 $42 $86 $60 $92 $171 Solution : FIF0 The 12 August : Unit cost 1: $4 => Cost of goods sold = 15 * $4 = $60 The 20 August : Cost goods of sold = 5*$4 + 10*$4.2 + 20*$4.3 + 5*$4.6 = 171 Unit cost 2=171/40= 4.275 ~ 4.3 Assuming that Arvika uses the moving average cost flow method, the 12 August sales should be costed at what unit cost? Giả sử Arvika sử dụng phương pháp dịng chi phí trung bình di chuyển, doanh số bán hàng ngày 12 tháng tính theo chi phí đơn vị nào? Aug 10 12 Beginning inventory No 20 Unit cost $4.00 Total cost $80.00 Purchases Purchases Sales 10 20 15 $4.2 $4.3 $4.16 $42 $86 $62.4 16 20 28 Purchases Sales Sales returns 20 40 70 $4.6 $4.32 300 $92 $172.8 Solution: Average- cost method: The 12 august: Unit cost 1== 4.16 Cost of goods sold 1=15*4.16= 62.4 The 20 august: Unit cost 2= Cost of goods sold 2=40*4.32=172.8 Exercise 5: Assignment Of Cost (Periodic And Perpetual) Select the correct answer Show any working required and provide reason to justify your choice, MALMO Ltd inventory transaction for April 2014 are show below Lựa câu trả lời Hiển thị hoạt động cần thiết cung cấp lý để biện minh cho lựa chọn bạn, giao dịch hàng tồn kho MALMO Ltd cho tháng năm 2014 hiển thị bên Dat e Apri l 10 13 No.un its Purchases Unit Total cost cost 90 100 $8.40 $8.60 $756.00 $860.00 (20) $8.60 ($172.0 0) 18 21 29 Cost of sales No.un Unit Total its cost cost 50 8.46 423 70 (5) 40 8.44 8.44 8.44 590.8 42.2 337.6 No.U nit 20 Balance Unit Total cost cost $8.00 $160.00 110 210 160 140 8.33 8.46 8.46 8.44 916 1,776 1,353 1,181 70 75 35 8.44 8.44 8.44 590.2 632.4 294.8 [1] If Malmo Ltd use the perpetual inventory system with the moving average cost flow method , the 18 April sale would be costed at what unit cost ? Nếu Malmo Ltd sử dụng hệ thống hàng tồn kho vĩnh viễn với phương pháp dịng chi phí trung bình di động, đợt bán hàng ngày 18 tháng tính theo chi phí đơn vị bao nhiêu? (phương pháp áp dụng bảng để tính) Answer : Unit cost =$8.44 [2] If Malmo Ltd uses the periodic inventory system with the FIFO cost flow method, what would be the cost of sales for April? Nếu Malmo Ltd sử dụng hệ thống kiểm kê định kỳ với phương pháp dòng chi phí FIFO, chi phí bán hàng cho tháng bao nhiêu? Answer: Ending Inventory = 35 x $8.6 = $301 Cost of good sold = 160 + 756 +860 – 172 – 301 = $1303.00 [3] If Malmo Ltd uses the perpetual inventory system with the FIFO cost flow method, the 21 April sale return (relating to the April 18 sale) would be costed at what unit cost ? Nếu Malmo Ltd sử dụng hệ thống hàng tồn kho vĩnh viễn với phương pháp dịng chi phí FIFO, khoản hàng bán bị trả lại vào ngày 21 tháng (liên quan đến đợt giảm giá ngày 18 tháng 4) tính theo đơn giá nào? Answer: The April 18 sale = 60 x $8.4 +10 x 8.60$ = 590 => Trả hàng ghi nhận giá sau => đáp án 8.6 $ [4] If Malmo Ltd uses the periodic with the weighted average cost flow method, what would be the value of closing inventory at 30 April 2011? (Round average cost to the nearest cent.) Nếu Malmo Ltd sử dụng định kỳ với phương pháp dịng chi phí bình qn gia quyền, giá trị hàng tồn kho cuối kỳ vào ngày 30 tháng năm 2011 bao nhiêu? (Làm trịn chi phí trung bình đến xu gần nhất.) Answer : Ending Inventory = (90 +100 – 20) +20 – (50+70-5+40)=35 Unit cost = $8.44 The value of closing inventory = 35 x $8.44 = $295.40 Question By the end of the year entity had 100 units in warehouse of X-Pro Units are so far reported at total cost of 10,000 Recently fire broke out and damaged the outer casing of units Engineers have confirmed that product can still fetch full selling price if outer cover is replaced Currently X-Pro is selling for $110 per unit and cost of repair is estimated to be $5 per unit Additionally entity will have to pay $2,000 in total towards the carriage cost to move repaired goods from workshop to warehouse Selling price = $110*100 =$11,000 Cost of repair = $5*100 =$500 Carriage cost = $2,000 NRV = $11,000 - $500 - $2,000 = $8,500 NRV < Cost => Inventory will be value is $8,500 Question Methods of inventory costing A company buys 1000 chocolate bars for 30 VND The amount is as follows: Dr inventory : 30,000 ( 1000*30 ) Cr Accounts payable : 30,000 The company sells 200 bars of 40 VND / bar The amount is as follows: Dr Account receivable : 8,000 ( 200*40) Cr Sale revenue: 8,000 The company recorded the number of chocolate exported as follows: Dr Cost of good sold : 6,000 ( 200*30) Cr inventory : 6,000 Question The following transactions took place during the year: a b c d Purchased 354 settings (FOB shipping) at $670 each on a Đã mua 354 cài đặt (giao hàng FOB) với giá 670 đô la cài credit terms of 2/10, n/30 from Grimstad Pty Ltd đặt theo điều khoản tín dụng 10/2, n/30 từ Grimstad Pty Ltd Sold, on credit, 350 settings for $975 each b Đã bán hình thức tín dụng 350 cài đặt giá 975 đô / cài đặt Returned settings to the supplier c Trả lại cài đặt cho nhà cung cấp settings were returned by customers d cài đặt trả lại khách hàng The journal entries necessary to record these transactions under both inventory accounting methods are shown below * Perpetual system: a Dr purchase: 237,180 (354*670) Cr Accounts payable : 237,180 b Dr Account receivable : 341,250 ( 350*975) Cr Sale revenue: 341,250 Dr cost of good sold: 234,500 (350*670) Cr inventory : 234,500 c Dr Accounts payable : 2,680 ( 4*670) Cr inventory: 2,680 d Dr Sale return: 6,825 (7*975) Cr Account receivable : 6,825 Dr inventory: 4,690 ( 7*670) Cr cost of good sold: 4,690 *Periodic system: a Dr purchase: 237,180 (354*670) Cr Accounts payable : 237,180 b Dr Account receivable : 341,250 ( 350*975) Cr Sale revenue: 341,250 c Dr Accounts payable : 2,680 ( 4*670) Cr inventory: 2,680 d Dr Sale return: 6,825 (7*975) Cr Account receivable : 6,825 Dr Inventory: 234,500 (350*670) Cr Purchase: 234,500 Dr cost of good sold: 229,810 (343*670) Cr inventory: 229,810 Question In the above example, the company clearly identifies the cost of goods sold due to the selling price of 30 VND / bar But what happens if the company buys batch chocolate at different prices? For example, suppose the company buys 100 chocolate bars at 31 VND / bar, 150 bars at 32.50 VND / bar, 200 bars at 29 VND / bar In this case, what is the cost of goods sold? => Cost of goods sold will depend on the method of calculating the value of inventory used by the company Question In the year 20X1, Yummie - a confectionery and chocolate distribution company - made the following purchase of "Excellent Chocolate" as follows: Date Unit Unitprice 10/1/20X1 1,000 $28 14/2/20X1 1,000 $28.2 17/3/20X1 3,000 $28.4 18/6/20X1 2,500 $28.55$ Since "Excellent Chocolate" is still a new product, the extensive product campaign is expected to take place after 1/7/ 20X1, Yummie only sells 4,200 "Excellent Chocolate" on 2/5 / 20X1 Requirements: Determine the value of "excellent chocolate" in Yummie's warehouse at the time of 30/6 / 20X1? (FIFO, Weighted average cost) Solutiom * FIFO: (1,000*28)+(1,000*28.2)+(2,200*28.4)= $118,680 * Weighted average cost: 4,200*28.28= $118,776 [(1,000*28)+(1,000*28.2)+(3,000*28.4)]/ (1,000+1,000+3,000) = $28.28 Question Date Description Quantity Price/unit Jan1 Beginning inventory 500 $5 Jan7 Purchase 750 $7 Jan13 Sale 650 [1] Jan20 Purchase 400 $4 Jan27 Purchase 300 $6 Jan30 Sale 700 [2] In this case, what is the cost of goods sold? Cost of goods sold will depend on the method of calculating the value of inventory used by the company [1] [(500*5)+(750*7)/1250] = $6.2 [2] 5.72 Question a 14/06/15: (400*22)+(200*23)= $13,400 21/06/15: ( 100*23)+(300*24)= $9,500 28/06/15: (100*24)= $2,400 b 14/06/15: 22.428 * 600= $13,457 [(400*22)+(300*23)]/700 = 22.428 per unit 21/06/15: 23.6856 * 400= $9,474 [(100*22.428)+(400*24)]/500 = 23.6856 per unit 28/06/15: 24.78* 100= $2,478 [(100*23.6856)+(500*25)]/600 = 24.78 per unit IAS16 - PROPERTY, PLANT AND EQUIPMENT SCOPE: Phạm vi áp dụng TK 211: - Nhà - Xe - Máy móc thiết bị IAS16 : PPE (211: nước ngồi , 213: VN ) - Đất Dùng cho (nhà => VP, nhà => PXSX) Cho thuê - Xe - Máy móc thiết bị + Nhà/đất: cho thuê: => IAS 40: Bất động sản đầu tư (217) Định nghĩa: - Phải dùng cho - Cho người khác thuê - Mua - phải phục vụ cho mục đích phục vụ lợi ích doanh nghiệp - Mang lại lợi ích kinh tế Nhiều năm ( kỳ kế toán ) INITIAL RECOGNITION: Việc ghi nhận ban đầu vào TK 211 Cost of PPE = Purchase price + Directly attributable costs + Initial estimate of the costs of dismantling and removing the item or restoring the site on which it is located 10 Calibration: 3+2-4= $1 Professional fees: $11 Total : $129 Question Deasin company needs property and purchases land for $50,000 with a note payable for the same amount Deasin also pays cash as follows: $4,000 in property taxes in arrears, $2,000 in transfer taxes, $5,000 to remove an old building, and a $1,000 survey fee What is the company’s cost of this land? => Company’s cost of this land: 50,000+4,000+2,000+5,000+1,000= $62,000 Question Extravagant Inc is installing a new plant at its production facility It has incurred these costs: Cost of the plant (cost per supplier's invoice plus taxes) $2,500,000 Initial delivery and handling cost $200,000 Cost of site preparation $600,000 Consultants used for advice on the acquisition of the plant $700,000 Interest charges paid to supplier of plant for deferred credit $200,000 Estimated dismantling costs to be incurred after years $300,000 Operating losses before commercial production $400,000 Required Please advise Extravagant Inc on the costs that can be capitalized in accordance with IAS 16 => Trừ ( có từ Interest losses câu trừ ) Question On January 20X1 an entity purchased an office block (building) for CU1,000,000(1) The purchase price was funded by a loan of CU1,010,000 (including CU10,000 loan raising fees) The loan is secured against the building Non-refundable property transfer taxes and direct legal costs of respectively CU50,000 and CU10,000 were incurred in acquiring the building In 20X1 the entity redeveloped the building into upmarket residential apartments for rent under operating leases to independent third parties Expenditures on redevelopment were: CU100,000 planning permission CU1,500,000 construction costs (including 60,000 refundable purchase taxes) The redevelopment was completed and the apartments ready for rental on October 20X1 The local government charged the entity property service taxes of CU1,000 per month on the building What is the cost of the building at initial recognition? Cost of the building at initial recognition: 1,000,000+50,000+10,000+100,000+(1,500,000-60,000)+ (1,000*10) = $2,610,000 * January 20X1 -> October 20X1 : 10 month Question On January 20X1 an entity purchased an item of equipment for CU600,000, including CU50,000 refundable purchase taxes The purchase price was funded by raising a loan of CU605,000 In addition, the entity has to pay CU5,000 in loan raising fees to the Bank The loan is secured against the equipment In January 20X1 the entity incurred costs of CU20,000 in transporting the equipment to the entity’s site and CU100,000 in installing the equipment at the site At the end of the equipment’s 10-year useful life the entity is required to dismantle the equipment and restore the building housing the equipment The present value of the cost of dismantling the equipment and restoring the building is estimated to be CU100,000 In January 20X1 the entity’s engineer incurred the following costs in modifying the equipment so that it can produce the products manufactured by the entity: Materials – CU55,000 Labour – CU65,000 Depreciation of plant and equipment used to perform the modifications – CU15,000 15 In February 20X1 the entity’s production team tested the equipment and the engineering team made further modifications necessary to get the equipment to function as intended by management The following costs were incurred in the testing phase: Materials, net of CU3,000 recovered from the sale of the scrapped output – CU21,000 Labour – CU16,000 The equipment was ready for use on March 20X1 However, because of low initial order levels the entity incurred a loss of CU23,000 on operating the equipment during March Thereafter the equipment operated profitably What is the cost of the equipment at initial recognition? Như said: Dài lười đọc nên lười làm :333 Question Ex: At 31 December 20X1, an entity owns plant with an original cost of CU500,000 and accumulated depreciation of CU80,000 The entity determines that, due to damage to the plant, an impairment of CU120,000 is necessary The entity uses the cost model for all its property, plant and equipment What is the carrying amount of the plant on 31 December 20X1? Như said khong biet lam Question Cost of asset Estimated useful life Estimated residual value Productive life in hours $100,000 years $10,000 8,000 => Dep (in year) = (100,000-10,000)/5 = $18,000/year Dep (in hour) = (100,000-10,000)/8,000 = $11.25/hour Question 10 On April 1, 2011, Company A purchased an equipment at the cost of $140,000 This equipment is estimated to have year useful life At the end of the 5th year, the salvage value (residual value) will be $20,000 Company A recognizes depreciation to the nearest whole month Calculate the depreciation expenses for 2011, 2012 and 2013 using straight line depreciation method Dep (in year)= (140,000-20,000)/5 =$24,000/year Question 11 Taj Mahal Milling Co., a calendar-year entity, acquired a machine on June 1, 2013, that cost €40,000 with an estimated useful life of four years and a €2,500 salvage value.\ Deprate = ¼= 0.25 = 25% Double deprate = 25%*2=50% Year BV@beginning 40,000 20,000 10,000 5,000 Deprate 50% 50% 50% 50% Dep expense 20,000 10,000 5,000 2,500 BV@ending 20,000 10,000 5,000 2,500 Question 12 Double-declining balance method Cost of asset $100,000 Estimated useful life Estimated residual value years $10,000 16 Productive life in hours 8,000 Deprate = 1/5= 0.2 = 20% Double deprate = 20%*2=40% Year BV@beginning 100,000 60,000 36,000 21,600 12,960 Deprate 40% 40% 40% 40% 40% Dep expense 40,000 24,000 14,400 8,640 2,960 BV@ending 60,000 36,000 21,600 12,960 10,000 Question 13 On April 1, 2011, Company A purchased an equipment at the cost of $140,000 This equipment is estimated to have year useful life At the end of the 5th year, the salvage value (residual value) will be $20,000 Company A recognizes depreciation to the nearest whole month Calculate the depreciation expenses for 2011, 2012 and 2013 using double declining balance depreciation method Deprate = 1/5 = 0.2 = 20% Double deprate = 20%*2=40% Year BV@beginning 140,000 84,000 50,400 30,240 Deprate 40% 40% 40% 40% Dep expense 56,000 33,600 20,160 10,240 BV@ending 84,000 50,400 30,240 20,000 Question 14 Company A purchased the following asset on January 1, 2011 What is the amount of depreciation expense for the year ended December 31, 2011? Acquisition cost of the asset is $100,000 Useful life of the asset = years Residual value (or salvage value) at the end of useful life $10,000 Calculate depreciation method by sum-of-the-years'-digits method 1+2+3+4+5=15 (100,000-10,000)*5/15= 30,000 (100,000-10,000)*4/15= 24,000 (100,000-10,000)*3/15= 18,000 (100,000-10,000)*2/15=12,000 (100,000-10,000)*1/15= 6,000 Question 15 Calculate: a Straight line depreciation b Double declining balance depreciation c Sum-of-the-years'-digits depreciation a Dep=(110,000-20,000)/5 = 18,000 b Deprate= 1/5=0.2=20% 17 Double deprate = 20%*2= 40% Year BV@beginning 110,000 66,000 39,600 23,760 Deprate 40% 40% 40% 40% Dep expense 44,000 26,400 15,840 3,760 BV@ending 66,000 39,600 23,760 20,000 c 1+2+3+4+5=15 (110,000-20,000)*5/15= 30,000 (110,000-20,000)*4/15= 24,000 (110,000-20,000)*3/15= 18,000 (110,000-20,000)*2/15=12,000 (110,000-20,000)*1/15= 6,000 Question 16 On January 1, the company ABC buys a machine that cost $52,000 in order to use for the day-to-day operation The machine is expected to have years of useful life with a salvage value of $2,000 Due to the nature of the machine, the company ABC decides to use the sum of years’ digits depreciation method to allocate the cost of the machine over its useful life Calculate the sum of years’ digits depreciation for each year of the fixed asset above 1+2+3+4+5+6+7+8=36 (52,000-2,000)*8/36= 11111.1 (52,000-2,000)*7/36= 9722.2 (52,000-2,000)*6/36= 8333.3 (52,000-2,000)*5/36= 6944.4 (52,000-2,000)*4/36= 5555.5 (52,000-2,000)*3/36= 4166.6 (52,000-2,000)*2/36= 2777.7 (52,000-2,000)*1/36= 1388.8 Question 17+18 It is estimated that the machine has a capacity of 100,000 hours The entity used the machine for 30,000 hours in year It is estimated that the machine will produce 40,000 units 5,000 units were produced in year The cost of the machine is €500,000 and it has a residual value of zero Dep = 500,000/100,000= $5/hour Dep = 500,000/40,000 = $12.5/unit Year 1: 5*30,000 = 150,000 12.5*5000=62,500 Question 19 SOUTHWEST AIRLINES Acquisition of a New Service Vehicle - Cost, purchased on Jan 1, 2014 Estimated residual value Estimated useful life Actual miles driven in: $62,500 $2,500 Year 2014 Year 2015 Year 2016 years OR 100,000 miles 30,000 miles 50,000 miles 20,000 miles 18 Dep (in year) = (62,500-2,500)/3= $20,000/year Dep (in mile) = (62,500-2,500)/100,000= $0.6/mile Year 2014: 0.6*30,000= 18,000 Year 2015: 0.6*50,000= 30,000 Year 2016: 0.6*20,000= 12,000 Question 20 On January 20X1, an entity acquired a piece of land for CU500,000 At 31 December 20X1, the land was valued at CU600,000 The entity uses the revaluation model for its land and buildings How must the entity account for the increase in the value of the land for the year ended 31 December 20X1? At 31 December 20X2, the land was valued at CU300,000 The land is not impaired as its value in use is higher than its fair value How must the entity account for the revaluation of the land for the year ended 31 December 20X2? Note: Ignore deferred tax 31/12/20X1 : Dr Land : 100,000 Cr OCI- Revaluation gain : 100,000 31/12/20X2: Dr OCI-Revauation gain : 100,000 Dr P/L-Revaluation loss: 200,000 Cr Land: 300,000 Question 21 30/6/2 Dr P/L-Revaluation loss: 50,000 Cr Land : 50,000 30/6/3 Dr Land: 70,000 Cr P/L-Revaluation loss: 50,000 Cr OCI-Revaluation gain: 20,000 Question 22 19 30/6/2 Dr P/L-Revaluation loss: 50,000 Cr Land : 50,000 Question 23 On January 20X1, an entity acquired a piece of land for CU500,000 At 31 December 20X1, the asset was valued at CU300,000 At 31 December 20X2, the land was valued at CU600,000 How must the entity account for the revaluation of the asset for the year ended 31 December 20X1 and 31 December 20X2? 31/12/X1 Dr P/L-Revaluation loss: 200,000 Cr asset: 200,000 31/12/X2 Dr Asset : 300,000 Cr P/L-Revaluation loss: 200,000 Cr OCI-Revaluation gain: 100,000 Question 24 A company purchased a building on April 20X1 for $100,000 The asset had a useful life at that date of 40 years On April 20X3 the company revalued the building to its fair value of $120,000 Required Calculate the revaluation gain and prepare the journal entry to account for the revaluation Dep = 100,000/40 = 2,500 Acc.dep = 2,500*2= 5,000 BV = 100,000-5,000= 95,000 FV = 120,000 => OCI-Revaluation gain: 25,000 Dr Asset: 20,000 Dr Acc.dep : 5,000 Cr Revauation gain: 25,000 Question 25 The carrying amount of Zen Co’s property at the end of the year amounted to $108,000 (cost/value $125,000 and accumulated depreciation $17,000) On this date the property was revalued and was deemed to have a fair value of $95,000 Required Calculate the revaluation loss and prepare the journal entry to account for the revaluation Dr P/L-Revaluation loss: 13,000 (108,000-95,000) Dr Acc.dep: 17,000 Cr Asset: 30,000 Question 26 20