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2011

Event

Units

NZ$/unit

Opening perform

0

0

Purchase #1

1,000

$22.50

Purchase #2

800

$25.00

Purchase #3

400

$25.50

Sales

1,700

$40.00

Using a routine inventory system and the weighted typical method, the finishing inventory value is the next to: A. $11,975. B. $12,165. C. $12,700. Ans: A.

Ending perform Weighted typical Calculations

Units

NZ$/unit

Total NZ$

Purchase #1

1,000

$22.50

$22,500

Purchase #2

800

$25.00

$20,000

Purchase #3

400

$25.50

$10,200

Total easily accessible

2,200

$52,700

Average price

52,700 ÷ 2,200

$ 23.95

Ending inventory

2,200 – 1,700 = 500 devices

$ 11,975

100,000

Trade discounts

5,000

Import duties

20,000

Shipping of raw products to production facility

10,000

Manufacturing conversion prices

50,000

Abnormal costs as a result of waste product

8,000

Storage expense prior come shipping to customers

2,000

COGS

Weighted Average

CGS FIFO

CGS LIFO

Available because that sale

Units (‘000s) Cost $ Total cost ($ 000s) Units marketed Total expense ($ 000s) Units marketed

Total cost

($ 000s)

1 600 600

1 x 600

600 3 x 680

2,040

5 650 3,250

5 x 650

3,250 3 x 650

1,950

3 680 2,040
9 CGAS $5,890

Cost the sales

$3,850 Cost the sales

$3,990

2012

2011

Sales

283.5

234.9

Year-end inventory (LIFO list method)

81.4

53.7

LIFO to make reservation

36.4

21.8

Cost of items sold (LIFO)

203.9

167.3

If the agency uses the FIFO inventory method instead of LIFO, the that company 2012 gross benefit margin is closest to: A. 22.9%. B. 29.8%. C. 33.2%. Ans: C. Change in LIFO to make reservation

36.4 - 21.8 = 14.6

COGS (FIFO) =

COGS (LIFO) – adjust in LIFO make reservation

203.9 – 14.6 = 189.3.


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Gross profit (FIFO)

Sales – COGS (FIFO)

283.5 – 189.3 = 94.2

Gross benefit Margin (FIFO)

Gross profit / Sales

94.2 / 283.5 = 33.23%.

$420,000

$450,000

Marginal tax rate

30%

units

$/unit

Total ($)

Opening perform

1,000

7.5

7,500

Purchases

250

7.6

1,900

Sales

550

12.00

6,600

Purchases

300

7.70

2,310

Sales

600

12.00

7,200

Ending list

400