Chapter7-8习题_F3_ACCA英国注册会计师

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

The inventory value for the financial statements of Q for the year ended 31 December 20X4 was based on an inventory count on 4 January 20X5,

which gave a total inventory value of $836,200.Between 31 December and 4 January 20X5, the following transactions took

place:

$

Purchases of goods 8,600

Sales of goods (profit margin 30% on sales) 14,000

Goods returned by Q to supplierWhat adjusted figure should be included in the financial statements for inventories at 31

December20X4?

A

$838,100

B

$853,900

C

$818,500

D

$ 834,300

A company has decided to switch from using the FIFO method of inventory valuation to using the average cost method

(AVCO).

In the first accounting period where the change is made, opening inventory valued by the FIFO method was $53,200. Closing

inventory valued by the AVCO method was $59,800.Total purchases and during the period were $136,500.

Using the continuous AVCO method, opening inventory would have been valued at $56,200.

What is the cost of materials that should be included in the statement of profit or loss for the period?

A

$129,900

B

$132,900

C

$135,900

D

$140,100

Which one of the following statements about the use of a continuous inventory system is INCORRECT?

A

In a retail organisation, a continuous inventory system can be used to keep track of the quantity

of each stock item available in its distribution centres

B

Under continuous inventory, the cost of each receipt of inventory and the cost of each issue from inventory is recorded individually

C

A continuous inventory system removes the need for periodic physical inventory counts.

D

Both the FIFO and average cost (AVCO) methods of pricing inventory may be used within

acontinuous inventory system

The information below relates to inventory item Z.March 1 50 units held in opening inventory at a cost of $40 per unit17 50

units purchased at a cost of $50 per unit31 60 units sold at a selling price of $100 per unitUnder AVCO, what is the value of

inventory held for item Z at the end of March 31?

A

$4,000

B

$1,800

C

$2,000

D

$2,500

A firm has the following transactions with its product R.1 January 20X1 Opening inventory：

I February 20X1 nil Buys 10 units at $300 per unitII

February 20X1 1 April 20X1 Buys 12 units at $250 per unit

1 August 20X1 1 December 20X1 Sells 8 units at $400 per unit

Buys 6 units at $200 per unit Sells 12 units at $400 per unit

The firm uses periodic weighted average cost (AVCO) to value its inventory.

What is the inventory value at the end of the year?

A

$nil

B

$2,057.12

C

$2,400.00

D

$2,007.20

What is the purpose of charging depreciation in financial statements?

A

To allocate the cost of a non-current asset over the accounting periods expected to benefit from

its use

B

To ensure that funds are available for the eventual replacement of the asset

C

To reduce the cost of the asset in the statement of financial position to its estimated

D

To account for the ‘wearing-ouf of the asset over its life

Which of the statements below correctly states the purpose of the asset register?

A

An internal control to ensure details of all assets are readily available in the event

B

To ensure the organisation is aware of the age of plant and machinery

C

An internal control to ensure information relating to non-current assets in the nominal ledger and the financial statements is correct

D

To enable the organisation to comply with IAS 16 Property, plant and equipment

An asset register showed a carrying amount of $67,460. A non-current asset costing $15,000 had been sold for $4,000,

making a loss on disposal of $1,250. No entries had been made in the asset register for this disposal.What is the correct

balance on the asset register?

A

$42,710

B

$51,210

C

$53,710

D

$62,210

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