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1.1 REQUIRED Complete the table for the transactions provided for each of the following methods of inventory valuation: FIFO Weighted Average Cost. (Round off the weighted average cost per unit to the nearest cent and all other amounts to the nearest Rand.) Date Quantity Price Value Quantity Price Purchased Issued/Returned Stock on hand Price Value Value Quantity INFORMATION The following information for March 2020 was extracted from the records of Monalisa Limited, a manufacturing company, for an inventory item used in one of its projects. Date Transaction details Opening inventory 01 2 000 units @ R17 each Purchased 48 000 units @ R18 each 10 000 units at R19.05 each 20 000 units @ R20 each Returned to supplier 10 000 damaged units (purchased 02 March) Transferred to the production department 02 15 22 03 04 30 000 units 17 15 000 units 25 20 000 units

1.1 REQUIRED Complete the table for the transactions provided for each of the following methods of inventory valuation: FIFO Weighted Average Cost. (Round off the weighted average cost per unit to the nearest cent and all other amounts to the nearest Rand.) Date Quantity Price Value Quantity Price Purchased Issued/Returned Stock on hand Price Value Value Quantity INFORMATION The following information for March 2020 was extracted from the records of Monalisa Limited, a manufacturing company, for an inventory item used in one of its projects. Date Transaction details Opening inventory 01 2 000 units @ R17 each Purchased 48 000 units @ R18 each 10 000 units at R19.05 each 20 000 units @ R20 each Returned to supplier 10 000 damaged units (purchased 02 March) Transferred to the production department 02 15 22 03 04 30 000 units 17 15 000 units 25 20 000 units

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and...
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QUESTION 1 1.1 REQUIRED Complete the table for the transactions provided for each of the following methods of inventory valuation: FIFO Weighted Average Cost. (Round off the weighted average cost per unit to the nearest cent and all other amounts to the nearest Rand.) Purchased Date Quantity Price Value Issued/Returned Stock on hand Quantity Price Quantity Price Value Value INFORMATION The following information for March 2020 was extracted from the records of Monalisa Limited, a manufacturing company, for an inventory item used in one of its projects. Date Transaction details Opening inventory 01 2 000 units @ R17 each Purchased 02 48 000 units @ R18 each 15 10 000 units at R19.05 each 20 000 units @ R20 each Returned to supplier 10 000 damaged units (purchased 02 March) Transferred to the production department 30 000 units 22 03 04 17 15 000 units 25 20 000 units PROGRAMME HANDBOOK: JULY 2020 INTAKE MANCOSA: POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT 1.2 REQUIRED Use the information given below to calculate the following for the week ended 15 February 2020: Direct labour cost to company in respect of D. Mbele. Labour rate per hour. INFORMATION D. Mbele is an employee in a project of Franco Manufacturers. The following are his wage details for the week ended 15 February 2020: Hours worked: *Sunday *Monday to Thursday *Friday *Saturday Pension fund - employee's deduction Pension fund - employer's contribution Income tax deduction Unemployment insurance fund: employee's deduction Unemployment insurance fund: employer's contribution Remuneration during normal working hours Normal working week (Monday to Friday) 4 hours 8 hours per day 9 hours 5 hours 7.5% of normal wages 10.5% of normal wages 20% of taxable income 1% of gross wages 1% of gross wages R100 per hour 8 hours per day 1% times the normal rate Remuneration on Saturdays and overtime on weekdays Remuneration on Sundays Twice the normal rate
Transcribed Image Text:QUESTION 1 1.1 REQUIRED Complete the table for the transactions provided for each of the following methods of inventory valuation: FIFO Weighted Average Cost. (Round off the weighted average cost per unit to the nearest cent and all other amounts to the nearest Rand.) Purchased Date Quantity Price Value Issued/Returned Stock on hand Quantity Price Quantity Price Value Value INFORMATION The following information for March 2020 was extracted from the records of Monalisa Limited, a manufacturing company, for an inventory item used in one of its projects. Date Transaction details Opening inventory 01 2 000 units @ R17 each Purchased 02 48 000 units @ R18 each 15 10 000 units at R19.05 each 20 000 units @ R20 each Returned to supplier 10 000 damaged units (purchased 02 March) Transferred to the production department 30 000 units 22 03 04 17 15 000 units 25 20 000 units PROGRAMME HANDBOOK: JULY 2020 INTAKE MANCOSA: POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT 1.2 REQUIRED Use the information given below to calculate the following for the week ended 15 February 2020: Direct labour cost to company in respect of D. Mbele. Labour rate per hour. INFORMATION D. Mbele is an employee in a project of Franco Manufacturers. The following are his wage details for the week ended 15 February 2020: Hours worked: *Sunday *Monday to Thursday *Friday *Saturday Pension fund - employee's deduction Pension fund - employer's contribution Income tax deduction Unemployment insurance fund: employee's deduction Unemployment insurance fund: employer's contribution Remuneration during normal working hours Normal working week (Monday to Friday) 4 hours 8 hours per day 9 hours 5 hours 7.5% of normal wages 10.5% of normal wages 20% of taxable income 1% of gross wages 1% of gross wages R100 per hour 8 hours per day 1% times the normal rate Remuneration on Saturdays and overtime on weekdays Remuneration on Sundays Twice the normal rate
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