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Study Case 1: The Coffee Company: Assessment of Goods Inventory

Muhammed is the owner of a coffee and tea business. The activity of the establishment is to sell tea to restaurants and shops, and the establishment is located in Khyber, Kingdom of Saudi Arabia. He was looking forward to her foundation's latest report for April 2021. During this period, the novel coronavirus has spread rapidly across the world after it was first identified in December 2019. It was classified as a global pandemic in March 2020. COVID-19 has forced many countries to seek various forms of lockdowns to help slow the spread of the disease. These shutdowns have put enormous pressure on the organization's business. Closing restaurants and cafes and reducing pedestrian traffic reduced the establishment's sales. Muhammad wanted to compile the financial results from last year to determine the impact of that stock. The corporation's fiscal year ends on April 30, 2021.

Suppliers

The corporation relies on three suppliers when it purchases coffee. The main supplier, Al-Khalidiya Beverages Establishment, Jeddah, Kingdom of Saudi Arabia, offers an offer on the condition of (5/15, p. 30) delivery at the location of Al-Khalidiya Beverages Establishment. Mohammed, when needed, uses suppliers from emerging companies in the United Arab Emirates. ISO Company, Dubai, United Arab Emirates, submit an offer with the condition (3/10, p. 15) and delivery at the place of the ISO Company. The third supplier, Union Beverages Company, Ajman, United Arab Emirates, offers an offer on the condition of payment within 5 days after the end of the month, delivery at the place of Mohamed Coffee Est.

Shipping

The institution has contracted with a private shipping company when it is requested from inside Saudi Arabia, and the transportation cost is 0.36 riyals/unit. The other shipping company to order from any city in the United Arab Emirates, Mohammed, has a business relationship with the owner of the transportation company and has offered her that the transportation cost is an average of 800 riyals for the shipment.

Inventory

Mohammed made several purchases during FY21 (Table 1). On September 13, 2020, he noticed a quality problem with some units of the purchase order (ISO company) issued on September 6, 2020, and immediately returned 150 units. (ISO company) offered to pay the return shipping fee and issue a refund. Mohammed also returned 200 units ordered on January 4, 2020.

The actual inventory on April 30, 2021, revealed 9,237 units. The year started with 2,422 units, valued at 8,264 riyals.

Next step:

To move forward in assessing the impact of the pandemic shutdowns on their stock, Mohamed needed to do the following:

1. Calculate the cost of purchases.

2. Determine the cost of goods available for sale, ending inventory, and cost of goods sold using the first-in, first-out (FIFO) method.

3. Muhammad knew that the new Coronavirus would have an impact on the selling price of coffee in the future. At the end of the fiscal year 2021, the net realizable value was 3.20 riyals/unit. He wondered about the impact of this net realizable value on the valuation of its stock.

Supplier	Purchase date	Number of units	Payment date	Unit purchase price
Beverages	07/05/2020	24,000	07/17/2020	3.15
SAR	Establishment 01/04/2021	30,800	01/15/2021	3.40 SAR
Khalidiya Beverages	03/30/2021	16,000	03/06/2021	3.24
SAR	06/09/2020	4,000	09/14/2020	3.00 SAR ISO
Company	04/30/2020	12,000	2020/ 05/20	3.30 SAR

Table

Note: Purchases from outside the Kingdom of Saudi Arabia are subject to 7.5% import duties calculated from the total purchase invoice.