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    SOLUTION - Problem 2

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    zee abadilla
    SOLUTION- Problem 2

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    © All Rights Reserved
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    SOLUTION - Problem 2

    Uploaded by

    zee abadilla
    13 views1 page
    SOLUTION- Problem 2

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    SOLUTION- Problem 2

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    SOLUTION- Problem 2

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views1 page

    SOLUTION - Problem 2

    Uploaded by

    zee abadilla
    SOLUTION- Problem 2

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    SOLUTION—PROBLEM 2 (REVISED)

    Corn Qty Unit Cost FIFO Cost FMV LCNRV


    Corn 15,000 5.20 78,000

    5,000 5.05 25,250 103,250 102,000 102,000

    Soybean 5,000 12.80 64,000 62,500 62,500

    Bonemeal 3,500 15.00 52,500 52,500 52,500

    Fishmeal 10,000 13.50 135,000 140,000 135,000

    Coprameal 2,000 5.55 11,100 10,800 10,800

    4,000 5.60 22,400 22,400 22,400

    388,250 385,200 vs 367,800 = 17,400


    Purchases 52,500
    Accounts Payable 52,500 Inventory 17,400
    (BONEMEAL) Cost of Sales 17,400
    Accounts Payable 210,000
    Purchases 210,000
    ALTERNATIVE
    (FISHMEAL) SOLUTION
    Supplies 6,000
    Inventory 6,000 Inventory 20,450
    (500 x 12) Cost of Sales 20,450
    ADJUSTMENT TO BURLAP (388,250-367,800)

    OE: Misc. Expense 700


    Cash 700 Loss on Inv. WD 3,050
    Inventory 700 All. For Inv. WD 3,050
    Cost of sales 700
    CE: Supplies 700
    Cash 700
    Adj: Supplies 700
    Cost of Sales 700
    Misc. Exp. 700
    Inventory 700
    ADJUSTMENT TO PLATIC MATERIAL

    Purchases 22,400
    Accounts payable 22,400
    (COPRAMEAL)

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