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  • Instructions: Metode FIFO Date Explanation Unit Cost Total Cost

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    Diah Ayu
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    1. The document provides inventory data for Tudor Ltd for 2017 and asks to prepare income statements using FIFO and average costing methods. 2. Under the FIFO method, ending inventory is £110,000 and net income is £100,080. Under the average costing method, ending inventory is £103,077 and net income is £95,095. 3. The FIFO method produces a more meaningful inventory amount for the statement of financial position because it assumes the inventory is valued at the cost of the most recent purchases.

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    tugas tm 6

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    1. The document provides inventory data for Tudor Ltd for 2017 and asks to prepare income statements using FIFO and average costing methods. 2. Under the FIFO method, ending inventory is £110,000 and net income is £100,080. Under the average costing method, ending inventory is £103,077 and net income is £95,095. 3. The FIFO method produces a more meaningful inventory amount for the statement of financial position because it assumes the inventory is valued at the cost of the most recent purchases.

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    © All Rights Reserved
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    36 views3 pages

    Instructions: Metode FIFO Date Explanation Unit Cost Total Cost

    Uploaded by

    Diah Ayu
    1. The document provides inventory data for Tudor Ltd for 2017 and asks to prepare income statements using FIFO and average costing methods. 2. Under the FIFO method, ending inventory is £110,000 and net income is £100,080. Under the average costing method, ending inventory is £103,077 and net income is £95,095. 3. The FIFO method produces a more meaningful inventory amount for the statement of financial position because it assumes the inventory is valued at the cost of the most recent purchases.

    Copyright:

    © All Rights Reserved
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    of 3

    NAMA : DIAH AYU SEKAR ARINI

    NIM : 042111535018
    PRODI : AKUNTANSI PSDKU BANYUWANGI

    P6-7A The management of Tudor Ltd. asks your help in determining the comparative effects
    of the FIFO and average-cost inventory cost fl ow methods. For 2017, the accounting records
    provide the data shown below.
    Inventory, January 1 (10,000 units) £ 35,000
    Cost of 120,000 units purchased 501,000
    Selling price of 105,000 units sold 695,000
    Operating expenses 130,000
    Units purchased consisted of 40,000 units at £4.00 on May 10; 60,000 units at £4.20 on
    August 15; and 20,000 units at £4.45 on November 20. Income taxes are 28%.
    Instructions
    (a) Prepare comparative condensed income statements for 2017 under FIFO and averagecost.
    (Show computations of ending inventory.)

    Metode FIFO

    Total
    Date Explanation Unit Cost
    Cost
     01/01/201 Persediaan 35.00
    7 awal 10.000 3,5 0
    160.00
    10/05/2017 Pembelian 40.000 4 0
    252.00
    15/08/2017 Pembelian 60.000 4,2 0
    89.00
    20/10/2017 Pembelian 20.000 4,45 0
    130.00
    Total 0 536.000
    Jumlah Unit Persediaan akhir = Persediaan awal + Pembelian – Penjualan
    = 10.000 + 120.000 – 105.000
    = 25.000
    Persediaan akhir : HPP : Total Cost – Persediaan akhir
    1. 20.000 x 4,45 = 89.000 : 536.000 – 110.000
    2. 5.000 x 4,2 = 21.000 + : 426.000
    110.000
    Metode Average
    Total
    Date Explanation Unit Cost
    Cost
    35.00
     01/01/2017 Persediaan awal 10.000 3,5 0
    160.00
    10/05/2017 Pembelian 40.000 4 0
    252.00
    15/08/2017 Pembelian 60.000 4,2 0
    89.00
    20/10/2017 Pembelian 20.000 4,45 0
    Total 130.000 536.000
    Jumlah Unit Persediaan akhir = Persediaan awal + Pembelian – Penjualan
    = 10.000 + 120.000 – 105.000
    = 25.000
    Persediaan akhir : 25.000 x 536.000 HPP : 536.000 – 103.077
    130.000 : 432.923
    : 103.077
    Income Statements
    Tudor Ltd.
    Income Statements
    FIFO AVERAGE
    Sales Revenue 695.000 695.000
    Beginning Inventory 35.000 35.000
    Purchase 501.000 501.000
    Cost of goods available for sale 536.000 536.000
    Ending Inventory 110.000 103.077
    Cost of goods sold 426.000 432.923
    Gross profit 269.000 262.077
    Operating expenses 130.000 130.000
    Income before income taxes 139.000 132.077
    Income tax expense (28%) 38.920 36.982
    Net income 100.080   95.095

    (b) Answer the following questions for management in the form of a business letter.
    (1) Which inventory cost flow method produces the more meaningful inventory amount for
    the statement of financial position? Why?
    Jawab :
    Metode aliran biaya FIFO menghasilkan persediaan yang paling berarti jumlah untuk laporan
    keuangan. Karena menganggap persediaan dengan harga satuan dari pembelian terakhir
    (2) Which inventory cost flow method is more likely to approximate the actual physical
    flow of the goods? Why?
    Jawab :
    Metode FIFO paling mungkin untuk memperkirakan aliran fisik yang sebenarnya. Karena
    barang yang terlama biasanya dijual terlebih dahulu untuk meminimalkan kerusakan.
    (3) How much more cash will be available for management under average-cost than under
    FIFO? Why?
    Jawab :
    Selisih gross profit FIFO dan average yaitu sebesar 6.923. Hal ini dikarenakan dalam
    perhitungannya terdapat perbedaan dalam menghitung persediaan akhir. Dalam metode FIFO
    menghitung persediaan akhir diperoleh dari pembelian terakhir. Sedangkan dalam metode
    Average menghitungnya dengan cara jumlah barang persediaan akhir dikali dengan total
    harga keseluruhan lalu dibagi total unit.

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