1-2 years 15% 2-3 years 20% 3-4 years 30% 4-5 years 40% 5-6 years 50% 6-7 years 60% 7-8 years 70%. What is the Customs Value of the Land Rover Discovery II TDV6 HSE?
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- During the financial year ending 31 May 2020 Mkhize Ltd manufactured a machine for its ownuse. Costs incurred are summarised as follows: Direct materials R 4 500 000 Direct labour R3 250 000 Production overheads 75% of labour cost.The machine was completed and put into use on 1 December 2019. All machines aredepreciated at a rate of 15% per annum on the reducing balance method. Mkhize Ltd applies a 35% mark‐up on cost in determining the selling price of goods. Scenario 2During 2020 the directors of Chana Ltd decided to value its industrial plant to market value. The plant was acquired on 1 June 2015 at a cost of R45 000 000 and had an estimateduseful life of 15 years on the date of acquisition. The plant was valued at R41 500 000 on 1 June 2019. Plant is carried using the revaluation method and depreciation is on thestraight‐ line basis. Required:Q.4.1 Calculate the depreciation charge for the year ended 31 May 2020 for bothscenarios, as well as the carrying value of both items as…Study the scenario and complete the question that follows:Jojo LtdJojo Ltd manufactures products Abbisha and Babbisha from raw material Zaro. The raw material isimported at a cost of R15 per kilogram from Garwe Limited, a foreign company. As a result of a fire thatdestroyed the warehouse of the supplier, the 2020 import of Zaro will be limited to 80% of the quantityimported in 2019.Following the restrictions on raw material imports, labour hours will, according to estimate, reduce by10 000 hours in comparison to those worked in 2019. The management of the company, however, hasdecided to maintain a minimum wage rate of R6 per hour.The following is an extract from the budget for the 2020 financial year based on 95% of the availablemachine hours. ABISHA BABISHA Sales volume in units 12000 16000 Sales volume in rands R348000 R512000 R R Standards per unit Raw material-Zaro 12.00 7.50 Labour 4.50 3.00 Overheads 3.00 5.00 The budgeted fixed manufacturing…A firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm). P Q Purchase 100 200 Delivery cost from supplier 20 30 Delivery costs to customer 22 40 Packaging costs 15 18 Selling price 150 300 Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.
- Adiwele Ltd has a financial year end of 31 March. The entity manufactures Compact Discs for resale. The manufacturing cost per compact disc is R2 per unit. Finished units of the compact disc are sold at R2.5 per unit. On 31 March 2021, Adiwele Ltd had 100 500 units of compact discs in stock. To sell this products Adiwele Ltd will incur the following costs: Sales commission of 20 cents per unit, Additional designing costs of 25 cents per unit, Advertising and packaging costs of 23 cents per unit, Salaries for administrative staff of R6 000 per month. Adiwele Ltd measures inventory at lower of cost and net realisable value as per IAS 2, Inventories according to IFRS at year end. What is the value of the closing inventory on 31 March 2021 as per IAS 2? 1.251 250 2. 201 000 3. 208 035 4. 136 035 5. 244 215On 1 January 2020, Entity A sold 100 units of Product X to Entity B for $220 per unit payable on 31 December 2020. On the same date, the cash selling price of one Product X is $200. The customer obtained control of the product at contract inception. However, the contract permits the customer to return the product within 90 days, i.e. on or before 31 March 2020. Product X is a new product. It suffers insufficient testing before the sales to Entity B on 1 January 2020. Thus, Entity A has no relevant historical evidence of product returns or other available market evidence. On 31 March 2020, 15 units of Product X was returned. On 31 December 2020, all outstanding amount was settled. The cost of one Product X is $150. The end or reporting period of Entity A is 31 December. REQUIRED: Provide journal entries for Entity A from 1 January 2020 to 31 December 2020 under relevant accounting standards. ACCOUNTS FOR INPUT: | Bank | Payable | Receivable | Interest expense | Interest revenue |…On March 10, 20X1, Indigo Company sold to Barr Hardware 230 tool sets at a price of $54 each (cost $28 per set) with terms of n/60, f.o.b. shipping point. Indigo allows Barr to return any unused tool sets within 60 days of purchase. Indigo estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 20X1, Barr returned 6 tool sets and received a credit to its account. Prepare journal entries for Indigo to record (1) the sale on March 10, 20X1, (2) the return on March 25, 20X1, and (3) any adjusting entries required on March 31, 20X1 (when Indigo prepares financial statements). Indigo believes the original estimate of returns is correct. Two journal entries are needed for each part, thus six total journal entries.
- The trial balance of Esplanade Company showed inventories of P164,000. The inventories include some goods that have a production cost of P18,000. These goods have a manufacturing defect that will cost P6,000 to correct. The normal selling price for these goods would be P25,000, but after the remedial work they will be sold through an agent as refurbished goods at a discount of 20% on the normal selling price. The agent will receive a commission of 10% of the reduced selling price. In relation to the defective goods, the company will recognize a loss on inventory write down of(a) Xesta Limited (XL) operates an incubation centre for its new product(s) ideas. This centre purchases raw materials and any complete output is sold at a price as part of its test marketing independently. The centre fixes prices to make a standard gross profit percentage on sales of 25%.The following information is available for the year ended 28 February 2019.Inventory (1 March 2018) Shs 243 million; purchases for the year Shs 595.6 million; purchase returns Shs 41.2 million; inventory (28 February 2019) shs 261.7 million.Required: Compute the sales made by the centre for the year ended 28 February 2019.(b)The following information relates to the main operations of Xesta Limited (XL) for the year ended 28 February 2019.1. On 1 March 2018, the summary of assets and liabilities were as follows; cash at Hand Shs 42,300,000; shs Cash at Bank Shs 40,800,000; Trade payables Shs 60,500,000 and rent outstanding Shs 2,480,000.2. The following information relates to transactions that look…Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,000 $15 2/4 Purchase 3,000 23 2/20 Sale 3,500 38 4/2 Purchase 4,000 29 11/4 Sale 3,200 42 Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
- A towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of ₱25. Distribution cost is ₱10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information: 2020 2021Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000Number of box tops returned 22,500 38,550Requirements:4. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021Numbers Company manufactures 3 consumer products, namely One, Two, and Three. Sales and other information related to the said products are as follows: 2019 = Product One: Units sold - 15,000Unit Price - P10, Unit Cost - ; Product Two: Units sold - 20,000, Unit Price - Unit Cost - P7; Product Three: Units Sold - 5, 000 , Unit Price - P6, Unit Cost - 4.50 2020 = Product One: Units Sold - 20,000Total Price - P240,000, Total Cost - P180,000 ; Product Two: Units Sold - 20,000 Total Price - P180,000 Total Cost - P150,000 ; Product Three: Units Sold - 4,000 , Total Price - P20,000 Total Cost - P16,000 . Compute for the following: The Sales Price factor shows a variance of? The Cost Price Factor shows a variance of? The Sales-mix Factor shows a variance of?Numbers Company manufactures 3 consumer products, namely One, Two, and Three. Sales and other information related to the said products are as follows: 2019 = Product One: Units sold - 15,000Unit Price - P10, Unit Cost - ; Product Two: Units sold - 20,000, Unit Price - Unit Cost - P7; Product Three: Units Sold - 5, 000 , Unit Price - P6, Unit Cost - 4.50 2020 = Product One: Units Sold - 20,000Total Price - P240,000, Total Cost - P180,000 ; Product Two: Units Sold - 20,000 Total Price - P180,000 Total Cost - P150,000 ; Product Three: Units Sold - 4,000 , Total Price - P20,000 Total Cost - P16,000. The Sales-mix Factor shows a variance of? A. 2500F B. 4000U C. 5750 F D. 5750 U
