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MGT401 FINANCIAL ACCOUNTING II ASSIGNMENT NO.01 DUE DATE: 22ND NOV, 2017

SEMESTER FALL 2017 FINANCIAL ACCOUNTING II (MGT401)

ASSIGNMENT NO. 01 DUE DATE: 22ND NOV, 2017

MARKS: 20

Assignment XYZ co. has the following purchases patterns for the month of august:

August 1 100 units @ Rs. 11.00

12 90 units @ Rs. 9.50

15 50 units @ Rs. 9.50

20 90 units @ Rs. 9.40

Units sold during the month were:

August 10 70 units

14 100 units

30 95 units

Required:

(i) Draw inventory valuation tables for August as per two IAS suggested valuation methods (consult book and video lectures for approved inventory valuation methods).

(ii) A physical inventory count revealed a shortage of five units. Show how you would bring this into account.

(iii) Also determine the cost of sales and gross profit under the both methods from the following information: a. Sale price of a unit is Rs. 15 (Amount of direct material will be taken from the requirement (i)) and also treat the cost of lost units in calculation of gross profit.

(iv) You are required to give some logical reasons that why LIFO method has been obsoleted and declared not to be used method for inventory valuation.

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Replies to This Discussion

Can anyone know how to record missing inventory ???

Dosto Bari hi tuff Assignment hai yaar

anybody help plzzz

Can anyone guide and resolve the 3rd and fourth point please ..Maray tu kakh palay nahi paa raya

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