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Homework answers / question archive / Details for receipt and issues of Gabriel Ltd for the year 2014 : Receipts Issues 270 145 kgs @ $17 kgs @ s 18 177 kgs @ $25 January February March April June August November De ember 232kgs @ $19 134 kgs @ $25 246 tgs@ $ 20 212 kgs @ $29 169 kgs @ $30 | 148 kgs (6 821 when @ @ you are required to prepare profits for the year ending 31 December 2019 stock is based (i) FIFO method Auco method Discuss how Pruentong is valued according bo 'As 2 OO HUAWET P30 Pro LEICA QUAD CAMERA
Details for receipt and issues of Gabriel Ltd for the year 2014 : Receipts Issues 270 145 kgs @ $17 kgs @ s 18 177 kgs @ $25 January February March April June August November De ember 232kgs @ $19 134 kgs @ $25 246 tgs@ $ 20 212 kgs @ $29 169 kgs @ $30 | 148 kgs (6 821 when @ @ you are required to prepare profits for the year ending 31 December 2019 stock is based (i) FIFO method Auco method Discuss how Pruentong is valued according bo 'As 2 OO HUAWET P30 Pro LEICA QUAD CAMERA
SOLUTION
A) PROFIT UNDER FIFO AND AVCO METHOD
i)FIFO METHOD
GABRIEL LTD.
INVENTORY CARD AS ON 2019(FIFO METHOD)
|
DATE |
PARTICULARS |
RECEIPTS |
ISSUES |
TOTAL BALANCE |
||||||
|
UNIT |
COST |
AMOUNT |
UNIT |
COST |
AMOUNT |
UNIT |
COST |
AMOUNT |
||
|
JANUARY |
PURCHASED |
145 |
17 |
2465 |
|
|
|
145 |
17 |
2465 |
|
FEBRUARY |
PURCHASED |
270 |
18 |
4860 |
|
|
|
145 270 |
17 18 |
2465 4860 |
|
MARCH |
SALES |
|
|
|
145 32 |
17 18 |
2465 576 |
238 |
18 |
4284 |
|
APRIL |
PURCHASED |
232 |
19 |
4408 |
|
|
|
238 232 |
18 19
|
4284 4408 |
|
JUNE |
SALES |
|
|
|
124 |
18 |
2232 |
114 232 |
18 19 |
2052 4408 |
|
AUGUST |
PURCHASED |
246 |
20 |
4920 |
|
|
|
114 232 246 |
18 19 20 |
2052 4408 4920 |
|
NOVEMBER |
SALES |
|
|
|
114 98 |
18 19 |
2052 1862 |
134 246 |
19 20 |
2546 4920 |
|
DECEMBER |
PURCAHSED |
148 |
21 |
3108 |
|
|
|
134 246 148 |
19 20 21 |
2546 4920 3108 |
|
DECEMBER |
SALES |
|
|
|
134 35 |
19 20 |
2546 700 |
211 148 |
20 21 |
4220 3108 |
CLOSING STOCK AS ON DECEMBER =211 UNITS @ $ 20= $ 4220
148 UNITS @ $ 21= $ 3108
TOTAL PURCHASES
JANUARY :145 UNITS @ $ 17= $ 2465
FEBRUARY :270 UNITS @ $ 18 = $4860
APRIL :232 UNITS @ $ 19 = $ 4408
AUGUST :246 UNITS @ $ 20 = $ 4920
DECEMBER :148 UNITS @ $ 21 = $ 3108
TOTAL,1041 UNITS = 19761
COST OF ENDING INVENTORY=BEGINING INVENTORY+PURCHASES-COST OF GOODS SOLD
=0+19761-12433
= $ 7328
COST OF GOODS SOLD =BEGINING INVENTORY+PURCHASES-ENDING INVENTORY
=0+19761-7328
=12433
PROFIT CALCULATION:
ON MARCH 2019
ISSUED :145 UNITS @ $ 17= $ 2465 AND 32 UNITS @ $ 18= $ 576
: ie, = $ 2465+$ 576=$ 3041
SALES PRICE=177 UNITS @ $ 25= $ 4425
THEREFORE PROFIT FOR MONTH MARCH =$ 4425-$ 3041
=$ 1384
ON JUNE 2019
ISSUED:124 UNITS @ $ 18 = $ 2232
SALES PRICE =124 UNITS @ $ 25 = $ 3100
THEREFORE PROFIT FOR MONTH JUNE = $ 3100 - $ 2232
= $ 868
ON NOVEMBER 2019
ISSUED:114 UNITS @ $ 18= $ 2052 AND 98 UNITS @ $ 19= $ 1862
: ie, = $ 2052+ $ 1862= $ 3914
SALES PRICE =212 UNITS @ $ 27= $ 5724
THEREFORE PROFIT FOR MONTH NOVEMBER= $ 5724- $ 3914
= $ 1810
ON DECEMBER 2019
ISSUED 134 UNITS @ $ 19= $ 2546 AND 35 UNITS @ $ 20= $ 700
SALES PRICE =169 UNITS @ $ 30= $ 5070
THEREFORE PROFIT FOR MONTH DECEMBER= $ 5076 - $ 3246
= $ 1824
TOTAL PROFIT FOR THE YEAR 2019 UNDER FIFO METHOD= $ 1384+ $ 868+ $ 1810+ $ 1824
= $ 5886
ii) AVCO METHOD
GABRIEL LTD.
INVENTORY CARD AS ON 2019(AVCO METHOD)
