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PROBLEM NO. 1 # 1 # Pasay 3o-any Inventory Unadjusted balances Add (deduct) (deduct) adjustents! adjustents! 'o. 1 # oods eld on cons*nent 'o. # 3onstructve delvery o& *oods 'o. 2 # oods sold / destnaton 'o. 4 # oods out on cons*nent 'o. 5 # oods -urcased / s--n* -ont
400,000
Adjusted Adjusted balances balances
445,000
(",0 (",00 00) (15, (15,00 000) 0) 11,000 50,000 $,000
Accts. Payable 167,500 (",0 (",00 00) # # # $,000 166,500
Sales 5,000,000 # # # # 5,000,000 5,000,000
PROBLEM NO. 3 # 3 # aat 3o-any Inventory
%&&ect on 'I over (under)
Unadjusted balance Add (deduct) (deduct) adjustents! adjustents! a # oods on cons*nent +t a custoer b # oods -urcased / s--n* -ont c # oods sold / s--n* -ont d # oods sold / destnaton e # oods -urcased / destnaton & # oods eld on cons*nent * # oods sold / destnaton
1,605,000 110,000 $7,000 ($5,000) 6,000 # # 27,000
(110,000) # (17,000) (6,000) (25,000) # (27,000)
Adjusted Adjusted balances balances
1,7$0,000 1,7$0,000
(5,000) (5,000)
PROBLEM NO. 4 # 4 # anla 3o-any a)
3ost o& sales Inventory
100,000 100,000
b) c)
'one 'one
d)
Sales Accounts recevable
00,000
Sales Accounts recevable
500,000
Inventory 3ost o& sales
$0,000
Accounts recevable Sales
200,000
e)
&)
00,000 500,000 $0,000 200,000
*)
'one
)
Accounts recevable Sales
400,000
3ost o& sales Inventory
75,000
400,000 75,000
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PROBLEM NO. 5 # 5 # 8a*u* 3o-any alance, eceber 6 Add on -yscal nventory! nventory! Purcases # -laced n stoc Purcases # / s--n* -ont Sales return on 1" (26,0001.) 8otal educt &ro -yscal nventory! Purcase return on 1$ Sales (600,0001.)
1,"65,000 10,000 50,000 20,000
$,000 500,000
00,000 ,165,000
50$,000 1,657,000
/9 alance, eceber 6 (be*nnn*) Add net -urcases! -urcases! Purcases # -laced n stoc Purcases # / s--n* -ont Purcase return on 1$ 8otal *oods avalable &or sale educt cost o& sales! Sales Sales return on 1" 'et sales vde by
1,"65,000 10,000 50,000 ($,000)
600,000 (26,000) 564,000 1.
Inventory, 12105
16,000 ,17,000
470,000 1,657,000
PROBLEM NO. 6 # 6 # andaluyon* 3o-any Requirement no. 1 Inventory 'ov. 'ov. 20 Unadjusted balances Add (deduct) (deduct) adjustents! adjustents! a b c d e
1,45,000 # # # ($,500) # 1,24,500
Inventory, :anuary 1 Add # 'et -urcases -urcases u- to 'ov 'ov. 20 8otal *oods avalable &or sale ;ess # Inventory, 'ov. 20 3ost o& sales &or 11 onts Sales &or 11 onts ended 'ov. 20 3ost o& sales &or 11 onts ended 'ov. 20 ross -ro&t vde by sales &or 11 onts ended 'ov. 20 ross -ro&t rate &or 11 onts ended 'ov. 20
Purcases U- to 'ov. 'ov. 20
Purcases U- to ec. 21
10,15,000
1,000,000
11,500 (15,000) (20,000) ($,500) # 10,110,000
# (,500) (20,000) # # 11,"47,500 1,21,500 10,110,000 10,110,000 11,4,500 1,24,500 10,0$0,000 1,600,000 (10,0$0,000) ,50,000 1,600,000 0.00<
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Requirement no. 2 Sales &or te year ended ec. 21 Sales &or 11 onts ended 'ov. 20 8otal sales &or te ont o& eceber Sales +tout -ro&t Sales +t -ro&t
14,400,000 1,600,000 1,$00,000 (150,000) 1,650,000
3ost o& sales +t -ro&t (1,650,000 = $0<) 3ost o& sales +tout -ro&t 3ost o& sales &or te ont o& eceber
1,20,000 150,000 1,470,000
Requirement no. 3 Inventory, :anuary 1 Add # Purcases Purcases &or te te year ended ended ec. ec. 21 8otal *oods avalable &or sale ;ess # 3ost o& sales 3ost o& sales +t -ro&t >(14,400,000 # 150,000) = $0
1,21,500 11,"47,500 1,"47,500 12,60,000
11,400,000 150,000
%stated nventory, eceber 21, 004
11,550,000 1,710,000
PROBLEM NO. 7 # untnlu-a 3o-any 1 2 Sales u- to arc 21, 005 Sales &or te -erod A-rl 1 to 1 Accounts recevable, recevable, 4.1.05 4.1.05 Accounts recevable &or +rte#o&& +rte#o&& 9ece-ts &ro custoers (P1",500 # P",500) 8otal ;ess Accounts recevable, 2.21.05 8otal sales 3 A 4 A 5 6 A 7 Inventory, eceber 21, 004 Add -urcases -urcases &or &or te -erod -erod :an. 1 to A-rl 1 Purcases u- to arc 21, 005 Payents &or A-rl -urcases Unrecorded obl*atons &or A-rl -urcases Purcase returns 8otal *oods avalable &or sale ;ess cost o& *oods sold (P1,510,000 = 55<@) %stated nventory on te date o& &re ;ess! ;ess! Proceed Proceeds s &ro sale o& salva*ed salva*ed ercand ercandse se S-ents n transt Inventory &re loss
1,250,000 260,000 $0,000 10,000 560,000 400,000
160,000 1,510,000
750,000 50,000 24,000 106,000 (",500)
25,000 25,000 2,000
650,500 1,400,500 $20,500 570,000 5$,000 51,000
(4) (5) (6)
(7)
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PROBLEM NO. 8 # 8 # ParaBaCue 3o-any 9a+ aterals, 1105 Purcases re*t#n 9a+ aterals avalable &or use ;ess ra+ aterals, 6105 9a+ aterals used rect labor actory overead (P160,000160<) 8otal anu&acturn* cost or#n#-rocess, 1105 8otal cost -laced n -rocess ;ess +or#n#-rocess, 6105 (quee#e) 3ost o& *oods anu&actured nsed *oods, 1105 8otal *oods avalable &or sale ;ess &nsed *oods, 6105 3ost o& *oods sold (P546,7501.25) Note: Work back from cot of goo! o"!.
60,000 00,000 20,000 "0,000 10,000 170,000 160,000 100,000 420,000 00,000 620,000 65,000 265,000 $0,000 645,000 40,000 405,000
1) D
2) C 4) D 3) A
PROBLEM NO. 2 - EueFon 3or-oraton Per boos
Sales
5,520,000
1 5
Purcases Inventory
2,000,000 600,000
2 3 4 6
Accounts recevable
500,000
1 5
Accounts -ayable
400,000
2
Adjustents Inc.(ec.) (120,000 (120,000)) (150,000) 1$,000 64,000 $0,000 10,000 (120,0 (120,000 00)) (150,000) 1$,000
Per audt 5,50,0 5,50,000 00
1
2,01$,000 $64,000
2
0,00 0,000 0
4
3
41$,000
5
A
Note : Pre$are %&% account t'en $ot i!entifie! a!utment. Adjusting entries entries
120,000 1 Sales (P46,000DP6$,000DP16,000) Accounts Accounts recevable recevable 120,000 &o a!ut un'i$$e! goo! recor!e! a a"e (* No. +6+, +7- an! +71) 2 3ost o& sales (Purcases) Accounts Accounts -ayable &o take u$ unrecor!e! $urc'ae (RR No. 1-6-) 3
4
5
6
1$,000 1$,000
Inventory 3ost o& sales &o take u$ goo! goo! un!er RR No. 1-63
64,000
Inventory (P100,0001.5) 3ost o& sales &o take u$ un'i$$e! un'i$ $e! goo! un!er * No. +6
$0,000
64,000
$0,000
Sales Accounts Accounts recevable recevable &o re/ere enrt0 enr t0 ma!e to recor! * No. +66
150,000
Inventory (P150,0001.5) 3ost o& sales &o take u$ goo! goo! un!er * No. +66 + 66
10,000
150,000
10,000
A
3 A
PROBLEM NO. 9 # 9 # PranaCue 3o-any uetion No. 1 uetion No. 2 uetion No. 3
Ite
Unts n %ndn* Inventory (I/)
3ost
8otal cost
%st. Selln* Prce
%st. 3ost to Sell
'9G
;3
8otal '9G
Inventory value
Allo+
Prod Produc uctt 3
20,0 20,000 00 15,000
$.00 $.00 6.50
40, 40,00 000 0 "7,500 227,500
7.0 7.0 7.0
0.7 0.7 0.7
6.4$ 6.4$ 6.4$
6.4$ 6.4$ 6.4$
1"4, 1"4,40 400 0 "7,00 "1,600
1"4, 1"4,40 400 0 "7,00 "1,600
45,6 45,600 00 200 45,"00
Prod Produc uctt P
5,0 5,000 00
10.5 10.50 0
6, 6,50 500 0
"."0 "."0
0."" 0.""
$."1 $."1
$."1 $."1
, ,75 750 0
, ,75 750 0
2",7 2",750 50
Pro Product A
20, 20,000 000 0,000
1.5 .5 0."0
27,50 ,500 1$,000 1$, 000 55,500
1.$0 .$0 1.$0
0.1$ .1$ 0.1$
1.6 .6 1.6
1.5 .5 0."0
4$,60 ,600 2,400 $1,000
27,50 ,500 1$,000 55,500
5"5,250
56",$50 (2)
655,500 (1) uetion No. 4
Ite
Unts n Sold (I/)
3ost
8otal cost
Product 3
50,000 55,000 105,000
6.00 6.50
200,000 257,500 657,500
Product P
20,000 0,000 50,000
10.00 10.50
200,000 10,000 510,000
Product A
45,000
0."0
40,500
8otal cost o& sales
1,0$,000
"ternati/e com$utation: com$utation: Inventory, 10105 Product 3 (50,000 unts = P6) Product P (20,000 unts = P10) Product A (65,000 unts = P0."0) Add -urcases! -urcases! Pro Product 3 >(7 >(70,00 ,000 unts ts = P6.5 P6.50 0)D(2 )D(20 0,00 ,000 unts ts = P$) P$) Product P (45,000 unts = P10.50) Product A (20,000 unts = P1.5) 8otal *oods avalable &or sale ;ess nventory, 102105 (see no. 1) 3ost o& sales
200,000 200,000 5$,500 6"5,00 ,000 47,500 27,500
65$,500
1,05,000 1,$62,500 655,500 1,0$,000
# # # $5,650 (3)
