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SOLUTION - Problem 2

SOLUTION- Problem 2

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zee abadilla
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31 views1 page

SOLUTION - Problem 2

SOLUTION- Problem 2

Uploaded by

zee abadilla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SOLUTION—PROBLEM 2 (REVISED)

Corn Qty Unit Cost FIFO Cost FMV LCNRV


Corn 15,000 5.20 78,000

5,000 5.05 25,250 103,250 102,000 102,000

Soybean 5,000 12.80 64,000 62,500 62,500

Bonemeal 3,500 15.00 52,500 52,500 52,500

Fishmeal 10,000 13.50 135,000 140,000 135,000

Coprameal 2,000 5.55 11,100 10,800 10,800

4,000 5.60 22,400 22,400 22,400

388,250 385,200 vs 367,800 = 17,400


Purchases 52,500
Accounts Payable 52,500 Inventory 17,400
(BONEMEAL) Cost of Sales 17,400
Accounts Payable 210,000
Purchases 210,000
ALTERNATIVE
(FISHMEAL) SOLUTION
Supplies 6,000
Inventory 6,000 Inventory 20,450
(500 x 12) Cost of Sales 20,450
ADJUSTMENT TO BURLAP (388,250-367,800)

OE: Misc. Expense 700


Cash 700 Loss on Inv. WD 3,050
Inventory 700 All. For Inv. WD 3,050
Cost of sales 700
CE: Supplies 700
Cash 700
Adj: Supplies 700
Cost of Sales 700
Misc. Exp. 700
Inventory 700
ADJUSTMENT TO PLATIC MATERIAL

Purchases 22,400
Accounts payable 22,400
(COPRAMEAL)

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