Inventory elements: derecognition and measurementAt the time of their exit, the inventory and other fingible zeɛt ze mezoured and recorded in acco matingdrough applying one of the following fommlas:Futh-First OutWeighted Average CostLost In-First OutFIFO- WAC-LIFOCase study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluatedat an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flourinventory.07.01 N: acquisition 500 kg, actual cost 47 lei/kg;09.01. N: acquisition 300 kg, actual cost 49 leig12.01. N. consumption 600 kg17.01. N. consumption 100 kg.20.01. N: acquisition 200 kg, actual cost 55 leing;24.01. N: consumption 400 kgE127.01. N. acquisition 700 kg, actual cost 57 lei kg;30.01. N: consumption 750 kg.a Establish the value of each flour consumption taking place during the month, the value of themonthly flour consumption and the value of the closing flour inventory by applying the FIFOformula in the mouth of January.InventoryValueSE MAIL51114LE31.01MThe value of monthly flour consumption is:The value of the closing flour inventory":SUULESTh

Name: Inventory elements: derecognition and measurementAt the time of their
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Description: Inventory elements: derecognition and measurementAt the time of their exit, the inventory and other fingible zeɛt ze mezoured and recorded in acco matingdrough applying one of the following fommlas:Futh-First OutWeighted Average CostLost In-First Ou

FIFO is the method used for calculating the value of closing inventory and the inventory consumed.…

Business

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Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01 N: acquisition 500 kg, actual cost 47 lei/kg; 09.01. N: acquisition 300 kg, actual cost 49 lei/kg, 12.01. N: consumption 600 kg. 17.01. N: consumption 100 kg. - 20.01. N: acquisition 200 kg, actual cost 55 lei/kg; 24.01. N: consumption 400 kg, [ 4 27.01. N: acquisition 700 kg, actual cost 57 lei/kg; 30.01. N: consumption 750 kg. a. Establish the value of each flour consumption taking place during the month, the value of the monthly flour consumption and the value of the closing flour inventory by applying the FIFO formula in the month of January. Entries Exits Inventory No. Date Quantity Cost Value Quantity Cost Quantity per unit 0 5 6 8 1. 01.01.N Initial inventory 07.01.N 09.01.N 12.01N 17.01.N 24.01.N 27.01.N 9. 30.01.N 31.01.N Total The value of monthly flour consumption is: The value of the closing flour inventory: 47 6. 20 Value 9

Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01 N: acquisition 500 kg, actual cost 47 lei/kg; 09.01. N: acquisition 300 kg, actual cost 49 lei/kg, 12.01. N: consumption 600 kg. 17.01. N: consumption 100 kg. - 20.01. N: acquisition 200 kg, actual cost 55 lei/kg; 24.01. N: consumption 400 kg, [ 4 27.01. N: acquisition 700 kg, actual cost 57 lei/kg; 30.01. N: consumption 750 kg. a. Establish the value of each flour consumption taking place during the month, the value of the monthly flour consumption and the value of the closing flour inventory by applying the FIFO formula in the month of January. Entries Exits Inventory No. Date Quantity Cost Value Quantity Cost Quantity per unit 0 5 6 8 1. 01.01.N Initial inventory 07.01.N 09.01.N 12.01N 17.01.N 24.01.N 27.01.N 9. 30.01.N 31.01.N Total The value of monthly flour consumption is: The value of the closing flour inventory: 47 6. 20 Value 9

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.12AMCP

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