LATIHAN

PERSEDIAAN BARANG DAGANGAN

3 – 1 Vanessa Williams, a profesional tennis star, operates VW’s Tennis Shop at the Florida
Lake Resosrt. At the beginning of the current season, the ledger of VW’s Tennis Shop
showed Cash $2,500, Merchandise Inventory $1,700, and Capital $4,200. The following
transactions were completed during April.

Apr. 4 Purchased racquets and balls from Daddy Co. $840 FOB shipping point, term 3/10, n/30.
6 Paid freight on Daddy Co. purchase $40.
8 Sold merchandise to memebers $900, terms n/30.
10 Received credit of $40 from Daddy Co. for a damaged racquets that was return.
11 Purchased tennis shoes from Niki Sports for cash $300.
13 Paid Daddy Co. in full.
14 Purchased tennis shirts and shorts from Martina’s Sportwear $900, FOB shipping point, terms
2/10,n/60.
15 Received cash refund of $50 from Niki Sports for damaged merchandise that was returned.
17 Paid freight on Martinas’s Sportswear purchase $30.
18 Sold merchandise to members $800, terms n/30.
20 Received $500 in cash from members in settlement of their accounts.
21 Paid Martina’s Sportwear in full.
27 Granted credit of $30 to members for tennis clothing that did not fit.
30 Sold merchandise to members $900, term n/30.
30 Received cash payments on account from members $500.

The chart of accounts for the tennis shop includes the following: No. 101 Cash, 112
Account Receivables; 120 Mercahndise Inventory; 201 Account Payables; 301 Capital; 401
Sales; 412 Sales Returns and Allowances; 510 Purchases; 512 Purchased Returns and
Allowances; 514 Puchased Discount; 516 Freight-in.

Instructions:
a. Journalize the April transactions using a periodic inventory system.
b. Enter the beginning balances in the ledger accounts and post the April transactions.
(Use J1 for the journal reference)
c. Prepare a trial balance on April 30, 2002.
d. Prepare an income statement through gross profit, assuming mercahndise inventory on
hand at April 30 is $1,800.

3 – 2 Scott Company had a beginning inventory of 400 units of Product E2-D2 at a cost of $8,00
per unit. During the year, purchases were:

Feb. 20 700 units at $9.00 Aug. 12 300 units at $11.00

May 5 500 units at $10.00 Dec. 8 100 units at $12.00
Scott Company uses a periodic inventory system. Sales totaled 1,500 units.

Instructions:

a) Determine the cost of goods available for sale.

b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the
assumed cost flow methods (FIFO, LIFO, and average). Prove the accuracy of the cost
of goods sold under the FIFO and LIFO methods.
c) Which cost flow method result in (1) the lowest inventory amount for the balance sheet,
and (2) the lowest cost of goods sold for the income statement ?

3 – 3 Wayne E. Weather Company lost 80% of its inventory in a fire on March 25, 2002. The
Accounting record showed the following gross profit data for February and March.
March
February (to 3/25)
Net sales $300,000 $260,000

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 Net purchases 200,800 191,000
Freight-in 2,900 4,000
Beginning Inventory 16,500 25,200
Ending inventory 25,200 ?

Wayne E. Weather Company is fully insured for fire losses but must prepare a report for
the insurance company.

Instructions
a) Compute the gross profit rate for the month of February.
b) Using the gross profit rate for February, determine both the estimated total inventory
and inventory lost in the fire in March.

3 – 4 Korean Departemen Store uses the retail inventory method to estimate its monthly ending
inventories. The following information isavailable for two of its departemens at August 31,
2002.
Sporting Goods Jewelry and Cosmetics
Cost Retail Cost Retail

Net sales $1,010,000 $1,150,000

Purchases $670,000 1,066,000 $733,000 1,158,000
Purchases returns (26,000) (40,000) (12,000) (20,000)
Purchases discounts (15,360) - (9,440) -
Freight-in 6,000 - 8,000 -
Beginning Inventory 47,360 74,000 36,440 62,000

At December 31, Korean Departemen Store takes a physical inventory at retail. The actual
retail values of inventories in each departement are Sporting Goods $85,000, and Jewelry
and Cosmetics $54,000.

Instructions
a) Determine the estimated cost of the ending inventory for each departement on August
31, 2002, using the retail invnetory method.
b) Compute the ending inventory at cost of each departement at December 31, assuming
the cost-to-retail ratios are 60% for Sporting Goods and 65% for Jewelry and
Costimetics.

3 – 5 Reliable Appliance Mart begins operations on May 1. It uses a perpetual inventpry system.
During May the company had the following purchases and sales for its Model 25 Sureshot
camera.

Purchases
Date Sales
Units Unit Cost
May 1 7 $150
4 5
8 8 $170
12 5
15 5 $180
20 4
25 2

Instructions
a) Determine the ending inventory under a perpetual inventory system using (1) FIFO,
(2) Average cost, and (3) LIFO.
b) Which costing method produces (1) the highest ending inventory valuation and (2) the
lowest ending inventory valuation ?

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