Name Alexander Steven Themas

Student ID 8201800046

Item No Cost per Unit Net Realizable Value LCNRV Quantity Final Inventory Value
1320 $3.20 $2.9* $2.90 1,200 $3,480
1333 2.7 2.4 2.4 900 2,160
1426 4.5 3.6 3.6 800 2,880
1437 3.6 1.85 1.85 1,000 1,850
1510 2.25 1.85 1.85 700 1,295
1522 3 3.1 3 500 1,500
1573 1.8 1.3 1.3 3,000 3,900
1626 4.7 4.5 4.5 1,000 4,500
$21,565

*$4.5-$1.6=$2.9
(a) Unrealized Holding Gain or Loss – Income ............ 212,000
Biological Assets – Milking Cows ..................... 212,000

(b) Milk Inventory ............................................................ 72,000

Unrealized Holding Gain or Loss – Income ...... 72,000

(c) Cash ........................................................................... 74,000

Cost of Goods Sold ................................................... 72,000
Milk Inventory ...................................................... 72,000
Sales Revenue..................................................... 74,000
Chairs No. of Chairs Sales price per chain Total Sales Price
Lounge Chairs 400 90 36,000
Armchairs 300 80 24,000
Straight Chairs 800 50 40,000
100,000

Chairs Number of chairs sold Cost per Chair Cost of Chairs sold
Lounge Chairs 200 54 10,800
ArmChairs 100 48 4,800
Straight chairs 120 30 3,600
19,200

Inventory of straight chairs

(800)-(120) X 30 = 20,400
Relative Sales Price Total Cost Cost Allocated to Chairs Cost per Chair
36,000/100,000 60,000 21,600 54
24,000/100,000 60,000 14,400 48
40,000/100,000 60,000 24,000 30
60,000

Sales Gross Profit

18,000 7,200
8,000 3,200
6,000 2,400
32,000 12,800
Beginning Inventory (at cost)
Purchases (at Cost)
Good available (at cost)
Sales (at selling price) 116,000
Less sales returns 4,000
Net Sales 112,000
Less : Gross Profit* (20% of 112,000) 22,400
Net Sales (at cost)
Estimated Inventory (at cost)
Less : Goods on hand (30,500-6,000)
Claim against insurance company

*Computation of gross profit : 25%/100%+25% =20% of selling price

 38,000
90,000
128,000

89,600
38,400
24,500
13,900
 Cost
A Beginning Inventory 58,000
Purchases 122,000
Net markups -
Totals 180,000
Net markdowns
Sales price of goods available
Deduct : Sales
Ending inventory at retail

B 1. R$ 180,000 : R$ 300,000 = 60%

2. R$ 180,000 : R$ 270,000 = 66.67%
3. R$ 180,000 : R$ 320,000 = 56.25%
4. R$ 180,000 : R$ 290,000 = 62.07%

C 1. Method 3
2. Method 3
3. Method 3

D 56.25% x R$104,000 = R$58,000

E R$ 180,000 - R$ 58,500 = R$121,500

F R$ 186,000 - R$ 121,500 = R$64,500

Retail
100,000
200,000
20,000
320,000
-30,000
290,000
186,000
104,000