FA2 Lesson7 作业答案.doc

Financial Accounting 3 PAGE 2 Financial Accounting: Assets Suggested solutions 7 ? PAGE 6 LESSON 7 Suggested solutions Question 1 (20 marks) Units and amounts Ending Cost of Gross Independent assumptions inventory goods sold margin a. FIFO, periodic system € 69,780 €162,680 €194,320 b. Weighted average, periodic system 67,500 165,000 192,000 c. Moving average, perpetual system 69,690 162,770 194,230 6 marks for FIFO (2, 3, and 1 marks) 7 marks for weighted average (3, 3, and 1 marks) 7 marks for moving average (3, 3, and 1 marks) Calculations: Sales = 13,000 ? 15 + 9,000 ? 18 = 357,000 FIFO: CGS 4,000 sold = 3,000 ? 6.90 + 1,000 ? 7.20 = 27,900 9,000 sold = 5,000 ? 7.20 + 4,000 ? 7.50 = 66,000 9,000 sold = 1,000 ? 7.50 + 8,000 ? 7.66 = 68,780 Ending inventory = 3,000 ? 7.66 + 6,000 ? 7.80 Weighted Average: Unit cost = (3,000 ? 6.90 + 6,000 ? 7.20 + 5,000 ? 7.50 + 11,000 ? 7.66 + 6,000 ? 7.80) all divided by 31,000 = 232,460 / 31,000 = 7.50 CGS = 22,000 ? 7.50 Ending inventory = 9,000 ? 7.50 Moving Weighted Average: CGS 4,000 sold = 4,000 ? [(3,000 ? 6.90 + 6,000 ? 7.20) ÷ 9,000] = 4,000 ? 7.10 = 28,400 9,000 sold = 9,000 ? [(5,000 @ 7.10 + 5,000 @ 7.50) ÷ 10,000] = 9,000 ? 7.30 = 65,700 9,000 sold = 9,000 ? [1,000 @ 7.30 + 11,000 @ 7.66) ÷ 12,000] = 9,000 ? 7.63 = 68,670 Ending inventory = 3,000 ? 7.63 + 6,000 ? 7.80 Question 2 (30 marks) Multiple choice (1 mark each) a. 1) Interest on loans obtained to purchase inventory is normally treated as a financing expense. IAS 23 provides for capitalization of interest in very limited circumstances. b. 4) All responses are features of the perpetual inventory system. c. 2) Under the periodic inventory system, no running total of inventory is kept since the inventory is not updated as sales are made. Therefore, the only way to determine inventory at a specific point in time is to do a physical inventory count. Under the perpetual inventory system, inventory is counted periodically to verify the inventory number t