F3名习题_ACCA英国注册会计师

Which of the following statements about the valuation of inventory are correct, according to IAS 2 Inventories?

1 Inventory items are normally to be valued at the higher of cost and net realisable value.

2 The cost of goods manufactured by an entity will include materials and labour only. Overhead costs cannot be included.

3 LIFO (last in, first out) cannot be used to value inventory.

4 Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual

cost.

A

1, 3 and 4 only

B

1 and 2 only

C

3 and 4 only

D

None of the statements are correct

A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to

an inventory value at cost at this date of $483,700.Between 1 November 20X3 and 4 November 20X3 the following

transactions took place:

1 Goods costing $38,400 were received from suppliers.

2 Goods that had cost $14,800 were sold for $20,000.

3 A customer returned, in good condition, some goods which had been sold to him in October for $600 and which had cost

$400.

4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them

What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this

information?.

A

$458,700

B

$505,900

C

$508,700

D

$461,500

In preparing its financial statements for the current year, a company's closing inventory was understated by $300,000.

What will be the effect of this error if it remains uncorrected?

A

The current year's profit will be overstated and next year's profit will be understated

B

The current year's profit will be understated but there will be no effect on next year's

C

The current year's profit will be understated and next year's profit will be overstated

D

The current year's profit will be overstated but there will be no effect on next year's profit.

The financial year of Mitex Co ended on 31 December 20X1.

An inventory count on January 4 20X2 gave a total inventory value of $527,300.

The following transactions occurred between January 1 and January 4.

$

Purchases of goods 7,900

Sales of goods (gross profit margin 40% on sales) 15,000

Goods returned to a supplier 800

What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?

A

$525,400

B

$527,600

C

$529,200

D

$535,200

Which of the following statements about IAS 2 Inventories is correct?

A

Production overheads should be included in cost on the basis of a company's normal level of

activity in the period.

B

In arriving at the net realisable value of inventories, trade discounts and settlement discounts

must be deducted.

C

In arriving at the cost of inventories, FIFO, LIFO and weighted average cost formulas are

acceptable.

D

It is permitted to value finished goods inventories at materials plus labour cost only, without

adding production overheads.

You are preparing the financial statements for a business. The cost of the items in closing inventory is $41,875. This includes some items which cost $1,960 and which were damaged in transit. You have estimated that it will cost $360 to repair the

items, and they can then be sold for $1,200.

What is the correct inventory valuation for inclusion in the financial statements?

A

$39,915

B

$40,755

C

$41,515

D

$42,995

S sells three products - Basic, Super and Luxury. The following information was available at the year end. Basic Super

Luxury

$ per unit $ per un $

per unitOriginal cost 6 9 18

Estimated selling price 9 12 15

Selling and distribution costs 1 4 5

units units unitsUnits of inventory 200 250 150

What is the value of inventory at the year end?

A

$4,200

B

$4,700

C

$5,700

D

$6,150

An inventory record card shows the following details.

February 1 50

units in stock at a cost of $40 per

unit7 100 units purchased at a cost of $45 per

unit14 80 units sold21 50

units purchased at a cost of $50 per

unit28 60 units sold

What is the value of inventory at 28 February using the FIFO method?

A

$2,450

B

$2,700

C

$2,950

D

$3,000

IAS 2 Inventories defines the items that may be included in computing the value of an inventory of finished goods manu

factured by a business.Which one of the following lists consists only of items

which may be included in the statement of financial position value of such inventories, according to IAS 2?

A

Supervisor's wages, carriage inwards, carriage outwards, raw materials

B

Raw materials, carriage inwards, costs of storage of finished goods, plant depreciation

C

Plant depreciation, carriage inwards, raw materials, Supervisor's wages

D

Carriage outwards, raw materials, Supervisor's wages, plant depreciation

The closing inventory of X amounted to $116,400 excluding the following two inventory lines:

1 400 items which had cost $4 each. All were sold after the reporting period for $3 each, with selling expenses of $200 for the batch.

2 200 different items which had cost $30 each. These items were found to be defective at the end of the reporting period.

Rectification work after the statement of financial position amounted to $1,200, after which they were sold for $35 each, with

selling expenses totalling $300.

Which of the following total figures should appear in the statement of financial position of X for inventory?

A

$122,300

B

$121,900

C

$122,900

D

$123,300

快速查题-ACCA英国注册会计师试题