Problem 11-7 (IAA) Slack Company provided the following é : : relating to television sets for the curmnt von nemation current year: Units Unit cost January 1 Inventory on hand’. ’ 200 Aprill 5 Purchase . 300 wee October 1 Purchase Daivhivat’ 500 10,000 The entity sold. 700. TV sets during the year. A physical count on December 31 indicated that 300 TV sets are on hand. Required: Assuming that the entity used the periodic inventory system, compute the cost of the ending inventory and the cost of goods sold using FIFO and weighted average. Problem 11-8 (IAA) Harbinger Company sells a new product. During a move toa new location, the inventory records for the product were misplaced. : " The bookkeeper has been able to gather some information from the purchases and sales records. The July purchases are as follows: Quantity * Unit cost Total cost duly 5 * 10,000, 4. » 65 650,000 9 12,000 63: 756,000 2 15,000 ’ 60 900,000 25 14,000'.. 62 . 868,000 eo 51,000 fo ee Y . 8,174,000 On July 81, 15,000 units were on hand. The sales’for July amount to P6,000,000, or 60,000 units at P100 per unit. Hilltop Company has always used a periodic FIFO inventory costing system. Gross profit on sales for July was P2,400,000. Required: : : j a * Compute the, cost of the inventory on duly 1° Scanned with CamScannerproblem 11-10 (LAA) Apitong Company made two different schedules of gross income for the quarter ended September 80: ° be Schedule 1 Schedule 2 Sales (P100 per unit) 2,800,000 2,800,000" Cost of goods sold : 1,169,000 1,157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data:: _. Units. Unit cost Total cost Beginning inventory - July 1. 10,000 40.00 400,000 Purchase - July 25 8,000 42.00 336,000 Purchase - August 25 5,000 41:30 206,500 Purchase-September5 > 7,000 43.00 301,000 Purchase - September 25 12,000 42.50 510,000 Available for sale "42,000 1,753,500 Required: Identify the inventory cost method used in preparing the two’ schedules of gross income. | g . Problem 11-11 (LAA) Creature Company which used the periodic inventory system provided the following transactions for June: Purchases Sales dune -1 + 8,000 at 300 June 3 2,500 at - 500 4- 7,500 at 304 ane 6,500 at 500 8 s, 4,000 at _ 320 f 1l-. 3,000. at 550 a 5000 at. 325 : 23 6,000 at - 550 1 Ee ,500 at 330 eT, 4, 30 2500 at 318, eerie eee Required: ; Compute the cost of ending inventory under FIFO and average method. 4 ‘ 7 Scanned with CamScannerProblem 11-16 (IAA) formation for the «ag inform! j Massive Company provided the following current year: Total cost , 300,000 * 525,000 Jaiwary'1 Inventory onhand 200 1,759 4,000,000 ‘April 3 Purchase goo! 3, 2000 : October 1. Purchase Units Unit cost mber e d 400 on Dece "i i June 25 an e inventory ~ Te eS 0 uted average cost of th 10. a at year-end? a. 350,000 b.. 400,000 c. 730,000 d. 365,000 _ Problem 11-17 (AA) failbird Company provided the following data about the tory for the month of January: Units Unit cost . Total cost Fs dan. 1 Beginning 16,000 140 | 2,240,000 5 Purchase 4,000 150 - 600,000 0 Sale 15,000 urchase 20,000 - x 7 , 26 Sale return ro : 81 - Purchase 30,000 K 5 150 4,500,000 What is the : m Fs = Fanuary gy "0" verage cost of the inye 7,625,000 7,500,000 7,690,000 tee, 7,580,009 se ntory on a8 op Scanned with CamScannerproblem 11-18 (IAA) Yakal Company reported that a flood recently. destroyed many of the financial records.The entity used an average cost inventory valuation. \ The enti made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: ; Ending inventory at July 31° | : 60,000 units Total cost of units available for sale in July ' 1,452;100 Cost of goods sold during July : : 1,164,100 Cost of beginning inventory, July 1 4,00 per unit Gross profit on sales for July 935,900 Units Unit cost Total cost July 5 55,000 5.10 280,500. iL 53,000 5.00 265,000 16 45,000 5.50 247,500 16 47,000 5.30 249,100 Total purchases 200,000 : 1,042,100 1, What is the number of units on July 1? a. 102,500 b. 140,000 ©. 76,500 d. 60,000 2. How many units were sold during the month of July? a, 242,500 : ; ‘ b. 140,000 : e. 302,500 d. 260,000 8. What is the cost of the inventory on July 31? 288,000 410,000 312,600 . 240,000 peop ' Scanned with CamScannerProblem 11-19 (AICPA Adapted) x Dia ; ar, ‘At the beginning of the current yer g _ purchased a tract of land for P12,000,0 790,000 during’ tha’ The entity incurred additional cost of ian Jand for sale. Pasinienot ter pe a ided into residential Of the tract accreage, 70% was subdiv roads and a park. lots and 30% was conveyed to the city mond Company Sale price per lot Lot class Number of lots ci0.068 A 109 160,000 a es 100,000. c fog nt: of cost Using the relative sales value method, what amou should be allocated to Class A lots? a. 3,000,000 % b. 3,750,000 ¢. 6,000,000 1 d.-7,200,000 ” Problem 11-20(PHILCPA Adapted) Elixir Company bought a 10-hectare land in Novaliches to" be improved, subdivided into lots and eventually sold. The ‘purchase price of the land was P5,800,000. ‘Taxes and documentation expenses on the transfer of the property amounted to P80,000. : 5 Lotclass Number of lots Selling price per lot A 8 Total clearing cost B 20 ~ 100,000 . None D au ee 100,000 t Bo £o-000 * 300,000 What ‘anid . ey 800,000 101 “under the rsatve sale, oeated as total cost of C i a. 1,176,000 8 price methog? lass B lots b. 1,220,000 » ¢. 1,276,000 4: 1,700,000 Scanned with CamScanner