Question
At a flour trading enterprise applying inventory accounting using the perpetual inventory method, determining the value of inventory using the FIFO method, the material situation
At a flour trading enterprise applying inventory accounting using the perpetual inventory method, determining the value of inventory using the FIFO method, the material situation is as follows:
Inventory at the beginning of April:
+ Account 152-G64 (rice details 64): quantity 300kg, the unit price of warehousing 8,000 VND/kg
+ Account 152-GD (details of sticky rice): quantity 200kg, warehouse unit price 11,000 VND/kg
1. Buy 1 ton of rice 64 with the unit price of 7,600 VND/kg (item not subject to VAT), have not yet paid to Cooperative X, and stocked enough to serve the production. The cost of transporting rice to the warehouse is VND 1,320,000 (including a 10% VAT rate) to be paid in cash.
2. Buy 3 tons of Tai Nguyen rice and 2 tons of Deo rice, the purchase price is 8,500 VND/kg Tai Nguyen rice and 11,200 VND/kg Plastic rice respectively, paid by bank deposit. (Items are not subject to VAT). The cost of transporting, loading, and unloading rice to stock enough to serve production is 2,310,000 VND (including 10% VAT rate) paid in advance.
3. Purchased and brought into stock the packaging of powder products 100,000 pieces, the tax-exclusive value was VND 35,000,000, the VAT rate of 10% had not yet been paid to the printing house in Q.
4. Purchase without payment from supplier M 100kg oatmeal, purchase price before tax is 30,000 VND/kg, 10% VAT rate on import is enough for sale.
5. Received a discount invoice from Q printer, because the number of packages delivered by this printer to the company is faulty. Discounted price before tax is 5,000,000 VND, 10% VAT rate and deducted from debt with suppliers.
6. The company returned 20kg of oats that did not meet the quality and design as committed, and the company issued an invoice and offset the debt with the seller.
7. Received a discount invoice from cooperative X, because the quantity of rice 64 is not of the right quality as agreed between the two parties. The discounted price before tax is VND 2,000,000 and deducted from the debt owed to the supplier.
Requirements: Keep a diary (account) of the above transactions.
Step by Step Solution
3.32 Rating (161 Votes )
There are 3 Steps involved in it
Step: 1
Repts 16sne Balome Rate Dare aly Rate Amt Qy Riake Amt Amk 300 8o00 2400 00 D 200 ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started