cost accounting
Question 1
Green Field (M) Sdn. Bhd. produces a single type of particle furniture for its both corporate and
retail customers in Malaysia. The main type of raw materials being used is sawdust supplied from
a few local lumber mills. There was an opening inventory (7,800 kg at RM3 each) brought forward
from December 2019. During January 2020, the company’s operations had the following
transactions:
Date Bought at gross price and quantity Issued out to production
Jan 3 9,800 kg at RM3.20 each
Jan 6 8,400 kg
Jan 9 8,200 kg at RM3.30 each
Jan 13 6,200 kg at RM3.50 each
Jan 16 12,600 kg
Jan 19 9,500 kg at RM3.40 each
Jan 24 12,850 kg
Jan 28 8,500 kg at RM3.50 each
Additional information:
On 15 January 2020, Green Field entered a purchase agreement with one of its suppliers: the
company will receive a free 100 kg of sawdust for each 1,000 kg purchased. In the management
meeting, it was decided that the new agreement would be a cost saving to the company.
Required:
Using the following methods calculate the value of closing inventory as at 31 January 2020.
(Round your answers to 2 decimal points. Eg: 3.127 =3.13)
(i) First in, First out method (FIFO) (8 marks)
(ii) Moving Average method (MAVG) (8 marks)
(iii) Last in, First out method (LIFO) (9 marks)
(Total: 25 marks)
Homework Answers
Request Answer!
We need at least 8 more requests to produce the answer.
2 / 10 have requested this problem solution
The more requests, the faster the answer.
1.Accounting transactions and financial statements (40 marks) Bloom Field is a small business selling variety of...
1.Accounting transactions and financial statements (40 marks)
Bloom Field is a small business selling variety of orchids and
roses. The balance sheet at the end of December 2019 is shown
below.
Bloom Field is a small business selling variety of orchids and
roses. The balance sheet at the end of December 2019 is shown
below.
Bloom Field – Balance Sheet as
at 31 December, 2019
Assets
Liabilities & Owner’s
Equity
Current Assets:
Current Liabilities:
Cash
$38,000
Accounts Payable
$12,100
Accounts...
Question 1 Lion Sdn Bhd is a manufacturer of garden furniture. The company has consistently used...
Question 1 Lion Sdn Bhd is a manufacturer of garden furniture. The company has consistently used weightage average cost in valuing inventory, but it is interested to know the effect on its inventory valuation of using First-In First-Out method (FIFO). At 28 February 2010 the company had inventory of 4,000 standard plastic tables, and has computed its value on each side of the two bases as: Basis Unit Cast (RM) Toral Value (RM) FIFO Weghted average During March 2010 the...
The me EM2.5 wanag ontre ustif QUESTION 4 Merah Sinap Sdn Bhd (MSSB) produces unique syrup...
The me EM2.5 wanag ontre ustif QUESTION 4 Merah Sinap Sdn Bhd (MSSB) produces unique syrup using cane sugar and local het nup is sold in small bottles and is prired as favoring for drinks and we in dessert The bottles are sold at RM12 each. The first stage in the production is carried out in the Mixing them in the Department, which removes foreign matter from the raw materials and mix proper proportions in large vats. The company uses...
To be useful, financial information must be relevant and faithfully represent a business's economic activities. This...
To be useful, financial information must be relevant and faithfully represent a business's economic activities. This requires ethics, beliefs that help us differentiate right from wrong, in the application of underlying accounting concepts or principles. These underlying accounting concepts or principles are known as generally accepted accounting principles (GAAP). GAAP in Malaysia, as well as in many other countries, is based on International Financial Reporting Standards (IFRS). IFRS are issued by the International Accounting Standards Board (ASB). Malaysian Financial Reporting...
Question 1 (10 marks) Retail operations and retail inventory Spottie Ltd began business on 1 January 2018. The business will sell ‘Spot the dog’ soft toys via an online store. The business is not regi...
Question 1 (10 marks) Retail operations and retail inventory Spottie Ltd began business on 1 January 2018. The business will sell ‘Spot the dog’ soft toys via an online store. The business is not registered for GST. The following transactions occurred during January 2018: Date: Details: 1 Jan Spottie Ltd issued 10,000 x $2 shares to Mr Spot and Mrs Spot. $20,000 received from the share issue was deposited into the business bank account. 3 Jan Inventory purchase (400 soft...
3. Prepare journal entries to record the transactions that occurred in January 2018, assuming that FIFO...
3. Prepare journal entries to record the transactions that
occurred in January 2018, assuming that FIFO is used for inventory
costing. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
a. Record sales on account --> Jan. 10
b. Record cost of sales on goods sold on account --> Jan.
10
c. Record purchase of goods on account --> Jan. 12
d. Record sales on account --> Jan. 17
e. Record...
Practice Problem in Accounting
Practice Problem in AccountingThe Golf ClubInstructionsUse the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise. TRANSACTIONSTRANSACTION #DATETRANSACTION DESCRIPTION1Jan 1At the beginning of January, three friends organized The Golf Club by contributing $40,000 each to begin the new business in exchange for shares of stock.2Jan 2Signed a one-year lease on...
ACT2112/FINAL EXAM/SEM 1-2017/Sh JANUARY 2018 V1 Telephone bills in the amount of RM80 for December 2017...
ACT2112/FINAL EXAM/SEM 1-2017/Sh JANUARY 2018 V1 Telephone bills in the amount of RM80 for December 2017 has not been paid yet On 28 December, Berjaya Enterprise received cash RM15,000 to deliver a set of office furniture but unfortunately the furniture was not in stock. The furniture will only be available and scheduled to be delivered on 25 February, 2018. No record has been made for this transaction Fadia Nasser bought a ticket to Kota Kinabalu at RM550 to visit her...
1. The field of accounting that focuses on providing information for external decision makers is: A)...
1. The field of accounting that focuses on providing information for external decision makers is: A) managerial accounting. B) financial accounting. C) cost accounting. D) nonmonetary accounting. 2. The matching principle states that: A) financial statements can be prepared for specific periods. B) a business's activities can be sliced into small time segments. C) all expenses should be recorded when they are incurred during the period. D) companies should record revenue when it has been earned. 3. ________ are the...
AP2-9 (Transaction analyois and the basic accounting equation) Primrose Beauty Supplies Lra. was incorporated in January...
AP2-9 (Transaction analyois and the basic accounting equation) Primrose Beauty Supplies Lra. was incorporated in January 2016. Primrose had the following transactio ons in first month: Date: Jan. 1 Received $150,000 in exchange for issuing 15,000 common shares. AP Borrowed $100,000 from the local bank at 9%. The terms of the borrow loan is to be repaid at the end of each month in the amount of $5,000 per month plus interest. Leased a commercial warehouse, paying $8,000, of which...
1.Accounting transactions and financial statements (40 marks)
Bloom Field is a small business selling variety of orchids and
roses. The balance sheet at the end of December 2019 is shown
below.
Bloom Field is a small business selling variety of orchids and
roses. The balance sheet at the end of December 2019 is shown
below.
Bloom Field – Balance Sheet as
at 31 December, 2019
Assets
Liabilities & Owner’s
Equity
Current Assets:
Current Liabilities:
Cash
$38,000
Accounts Payable
$12,100
Accounts...
Question 1 Lion Sdn Bhd is a manufacturer of garden furniture. The company has consistently used weightage average cost in valuing inventory, but it is interested to know the effect on its inventory valuation of using First-In First-Out method (FIFO). At 28 February 2010 the company had inventory of 4,000 standard plastic tables, and has computed its value on each side of the two bases as: Basis Unit Cast (RM) Toral Value (RM) FIFO Weghted average During March 2010 the...
The me EM2.5 wanag ontre ustif QUESTION 4 Merah Sinap Sdn Bhd (MSSB) produces unique syrup using cane sugar and local het nup is sold in small bottles and is prired as favoring for drinks and we in dessert The bottles are sold at RM12 each. The first stage in the production is carried out in the Mixing them in the Department, which removes foreign matter from the raw materials and mix proper proportions in large vats. The company uses...
To be useful, financial information must be relevant and faithfully represent a business's economic activities. This requires ethics, beliefs that help us differentiate right from wrong, in the application of underlying accounting concepts or principles. These underlying accounting concepts or principles are known as generally accepted accounting principles (GAAP). GAAP in Malaysia, as well as in many other countries, is based on International Financial Reporting Standards (IFRS). IFRS are issued by the International Accounting Standards Board (ASB). Malaysian Financial Reporting...
3. Prepare journal entries to record the transactions that
occurred in January 2018, assuming that FIFO is used for inventory
costing. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
a. Record sales on account --> Jan. 10
b. Record cost of sales on goods sold on account --> Jan.
10
c. Record purchase of goods on account --> Jan. 12
d. Record sales on account --> Jan. 17
e. Record...
ACT2112/FINAL EXAM/SEM 1-2017/Sh JANUARY 2018 V1 Telephone bills in the amount of RM80 for December 2017 has not been paid yet On 28 December, Berjaya Enterprise received cash RM15,000 to deliver a set of office furniture but unfortunately the furniture was not in stock. The furniture will only be available and scheduled to be delivered on 25 February, 2018. No record has been made for this transaction Fadia Nasser bought a ticket to Kota Kinabalu at RM550 to visit her...
AP2-9 (Transaction analyois and the basic accounting equation) Primrose Beauty Supplies Lra. was incorporated in January 2016. Primrose had the following transactio ons in first month: Date: Jan. 1 Received $150,000 in exchange for issuing 15,000 common shares. AP Borrowed $100,000 from the local bank at 9%. The terms of the borrow loan is to be repaid at the end of each month in the amount of $5,000 per month plus interest. Leased a commercial warehouse, paying $8,000, of which...
Most questions answered within 3 hours.
-
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 19 minutes ago -
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 17 minutes ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 1 hour ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 1 hour ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 3 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 3 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 4 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 5 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 5 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 6 hours ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 6 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 7 hours ago