JAWABAN CASE INVENTORY

Case 1
a. Purchase goods with a list price $175.000
Trade discount 20%, with no cash discount allowable
Question : How much should Kim Co. record as the cost of these goods?
Answer : $175.000 x 20% = $35.000
Inventory $175.000
A/P $140.000
Discount $ 35.000
b. Dec 31, 2010 Keith’s inventory $1.000.000 was based physical count.
(1)Goods shipped from a vendor FOB Shipping point on Dec 24, 2010 at an invoice
cost $69.000 received on Jan 4, 2011
(2)The physical count included $29.000 of goods billed Sara Corp. FOB Shipping
point on Dec 31, 2010 and the carrier picked up these goods on Jan 3, 2011.
Question : What amount should Keith Co. report as inventory on its statement of
financial position?
Answer : (1) Inventory $69.000
A/P $69.000
(2) A/R $29.000
Inventory $29.000
Inventory = $1.000.000 + $69.000 - $29.000 = $1.040.000
c. May 1, 2010 had 1.500 unit, costing $21 each
May 31, 2010 physical count shows 2.000 unit.
Question :
Using FIFO method, what is the cost of part M.O inventory at May 31, 2010
Answer :
Purchase Sales Inventory
Date
Qty Cost Total Qty Cost Total Qty Cost Total
May-1             1500 $21 $ 31,500
2000 $22 $ 44,000       1500 $21 $ 31,500
May-9
            2000 $22 $ 44,000
May- 3500 $23 $ 80,500       1500 $21 $ 31,500
             2000 $22 $ 44,000
17
            3500 $23 $ 80,500
1000 $24 $ 24,000       1500 $21 $ 31,500
May-             2000 $22 $ 44,000
26             3500 $23 $ 80,500
            1000 $24 $ 24,000
      1500 $21 $ 31,500 1000 $23 $ 23,000
May-
      2000 $22 $ 44,000 1000 $24 $ 24,000
31
      2500 $23 $ 57,500      
Total Inventory $ 47,000

Question : Using Average method, what is the inventory cost?

Answer :
Purchase Sales Inventory
Date
Qty Cost Total Qty Cost Total Qty Cost Total
May-1             1500 $21.00 $ 31,500
May-9 2000 $22 $ 44,000       3500 $21.57 $ 75,500
May-
17 3500 $23 $ 80,500       7000 $22.29 $ 156,000
May-
26 1000 $24 $ 24,000       8000 $22.50 $ 180,000
May-
31       6000 $23 $ 135,000 2000 $22.50 $ 45,000
Total Inventory $ 45,000
Question : Comparing the two methods, under which method is the gross profit
reported higher?
Answer : Menurut kelompok kami, pada kasus di atas yang menghasilkan gross
profit lebih tinggi dengan menggunakan FIFO karena jika kondisi harga barang
cenderung naik maka nilai sediaan akan menunjuk pada cost unit tertinggi
sehingga COGS menjadi rendah, jika COGS rendah maka laba akan meningkat.

d. Question : What Dona’s inventory cost for 2011?

Answer :
Merchandise purchased for resale Inventory $909.400
Cash or A/R $909.400
Interest on noted payable to vendor Interest exp $8.700
A/R $8.700
Purchase return Cash or A/R $16.500
Inventory $16.500
Freight in Inventory $22.000
Cash or A/R $22.000
Freight out Cash or A/R $17.100
Inventory $17.100
Cash disc on purchase Cash $6.800
Inventory $6.800

Inventory cost : $909.400 - $16.500 + $22.000 - $17.100 - $6.800 = $891.000

Case 2
a. (1) Question: Determine the proper balance in the allowance to reduce inventory to
net realizable value at May 31, 2010
Answer:
LCM applied to
Inventory Cost Market Individual
Total Inventori
Item
Aluminium $ 70.000 $ 56.000 $ 56.000
Siding
Cedar Shake $ 86.000 $ 84.800 $ 84.800
Siding
Louvered $ 112.000 $168.300 $ 112.000
Glass Door
Thermal $ 140.000 $ 140.000 $ 140.000
Window
Total $ 408.000 $ 449.100 $ 392.800 $ 408.000

 Metode Individual Item = $ 56.300

 Metode Entire Inventory = $ 41.100

(2) Question: Determine the amount of the gain or loss that would be recorded due
the change in the allowance to reduce inventory to NRV
Answer:
 Metode Individual Item
Allowance to Reduce Inventory $ 28.800
Loss Recovery to Market Evaluation $28.800
 Metode Entire Inventory
 Allowance to Reduce Inventory $ 13.600
Loss Recovery to Market Evaluation $13.600

b. Question: Explain the rasionale for the use the LCRV rule as it apllies inventories
Answer:
Hal ini diperlukan karena adanya penurunan utilitas dari inventory, yang apabila
dibiarkan tetap sesuai dengan harga yang tercatat maka akan melebihkan nilai
inventory dan nilai aliran kas
Case 3
(1) Tahun fiskal perusahaan berakhir pada 31 Desember
(2). A/P Euro 5.700
Sales Euro 3.400
Other exp Euro 3.900
Cash Euro 13.000
Cash Euro 12.950
Return purchase Euro 950
A/R Euro 12.000
(3). Purchase Euro 13.300
Transport exp Euro 2.300
A/P Euro 15.600
(4). Sales Euro 46.000
A/P Euro 46.000
(5).
Year Ended Dec.
31 Average
  2010 2009

net sales 530,000 390,000 460,000

net purchases 280,000 235,000 257,500

beginning
inventory 50,000 66,000 58,000
ending
inventory 75,000 50,000 62,500

Gross profit 207,000

Gross profit rate 45%

Estimating Cost of Ending Inventory

given information

beginning inventory 75,000

net purchases 70,050

net sales 181,000

estimated historical gross profit
rate 45%
Estimation of Ending
Inventory

beginning inventory 75,000

net purchases 70,050

CoG avaible for sale 145,050
less: estimated CoG sold:

net sales 181,000

gross profit rate 45%

estimated gross profit 81,450

CoG sold 99,550

estimated cost of ending
inventory 45,500
Case 4

1. Metode inventory yang diperbolehkan dalam SAK adalah Masuk Pertama Keluar
Pertama (MPKP/FIFO) dan rata-rata tertimbang (average). (PSAK No.14 (23))
Perbedaan:
GAAP SAK
Costing Method FIFO, Average, LIFO Average, LIFO
Lower Cost or Market Prohibits any reversal of a Allow the reversal of a
Adjustment previous write-down previous write-down

2. a. Question : In which parts of financial statements do you can find the information
about inventory of the company?
Answer : Menurut kelompok kami, informasi tentang akun persediaan dapat diperoleh
dari balance sheet yang nantinya akan diuraikan seraca detail dalam noted to financial
statement
b. Question : identify the inventory the company has.
Answer : Menurut kelompok kami, persediaan yang dimiliki oleh PT. Indofood CBP
Sukses Makmur, Tbk ini adalah :
- barang jadi,
- barang dalam proses,
- bahan material seperti bahan baku, bahan kemasan,
- bahan bakar dan perlengkapan umum lainnya
c. Question : What method of inventory does the company use?
Answer : Menurut kelompok kami, PT. Indofood CBP Sukses Makmur, Tbk ini
memakai biaya perolehan dengan metode rata – rata bergerak (moving average) dan
untuk anak perusahaannya menggunakan metode rata – rata berimbang (weigthed
average).