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A company values its inventory using the first in, first out （FIFO) method. At I May 20X2

A company values its inventory using the first in, first out (FIFO) method. At I May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X3 the following transactions took place: 20X2 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20X3 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company’s closing inventory of engines at 30 April 20X3？

A、$188,500

B、$195,500

C、$166,000

D、None of these figures

提问人：网友zlcy007 发布时间：2022-01-07

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更多“A company values its inventory…”相关的问题

第1题

6.8 Daniel made an error when he calculated the value of his closing inventory, which means that the inventory is overvalued. How are his net profits for the year and net assets at the end of the year affected by this error? Net profit Net assets

A、Overstated Understated

B、Overstated Overstated

C、Understated Understated

D、Understated Overstated

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第2题

Lavinia valued her inventory at 31 December 20X2 at its cost of $11,480. This included some items which cost $975 which have been hard to sell. Lavinia intends to have these items repacked at a cost of $225. This will allow her to sell them for $450. What was the correct value of closing inventory at 31 December 20X2?

A、$10,505

B、$10,730

C、$11,480

D、$11,705

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第3题

Which of the following statements about IAS 2 Inventories is correct?

A、Production overheads should be included in cost on the basis of a company's normal level of activity in the period.

B、In arriving at the net realisable value of inventories, trade discounts and settlement discounts must be deducted.

C、In arriving at the cost of inventories, FIFO, LIFO and weighted average cost formulas are acceptable.

D、It is permitted to value finished goods inventories at materials plus labour cost only, without adding production overheads.

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第4题

Trade receivables and payables in the final accounts of a sales tax registered trader will appear as described by which of the following?

A、Inclusive of sales tax in the statement of financial position

B、Exclusive of sales tax in the statement of financial position

C、The sales tax is deducted and added to the sales tax account in the statement of finance position

D、Sales tax does not appear in the statement of financial position because the business simply acts as a collector on behalf of the tax authorities

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第5题

Alana is not registered for sales tax purposes. She has recently received an invoice for goods for resale which cost $500 before sales tax, which is levied at 15%. The total value was therefore $575. What is the correct entry to be made in Alana's general ledger in respect of the invoice?

A、Dr Purchases $500, Dr Sales tax $75, Cr Payables $575

B、Dr Purchases $575, Cr Sales tax $75, Cr Payables $500

C、Dr Purchases $500, Cr Payables $500

D、Dr Purchases $575, Cr Payables $575

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第6题

A business commenced with capital in cash of $1,000. Inventory costing $800 plus sales tax is purchased on credit, and half is sold for $1,000 plus sales tax, the customer paying in cash at once. The sales tax rate is 20%. What would the accounting equation after these transactions show?

A、Assets $1,800 less Liabilities $200 equals Capital $1,600

B、Assets $2,200 less Liabilities $1,000 equals Capital $1,200

C、Assets $2,600 less Liabilities $800 equals Capital $1,800

D、Assets $2,600 less Liabilities $1,000 equals Capital $1,600

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