KUIS 4

Mata Kuliah Pengantar Akuntansi 1

Sakina Nusarifa Tantri, M.Sc.

Program Studi Akuntansi
FHB Universitas Muhammadiyah Jakarta
 Soal 1
The accounting records of Shumway Ag Implement show the following.

Beginning inventory 4,000 units at £ 3

Purchases 6,000 units at £ 4

Sales 7,000 units at £12

Determine the cost of goods sold during the period under a periodic inventory
system using (a) the FIFO method and (b) the average-cost method.
● A. METODE
FIFO
●   ● Unit ● Cost ● Sales ●   ● COGS ● Ending ● Cost Total
●

Inv Ending Inv

● Beginning ● 4000 ● 3●   ●   ●   ●   ●   ●  
Inventory
● Purchases ● 6000 ● 4●   ●   ●   ● 3000 ● 4 ● 12000
● Sales ● 7000 ● 12 ● 4000 ● 3 ● 12000●   ●   ●  
●   ●   ●   ● 3000 ● 4 ● 12000●   ●   ●  
●   ●   ●   ●   ●   ● 24000●   ●   ●  
● Laba ● 8400● - ● 2400 ● 6000●   ●   ●   ●  
0 0 0

● B. METODE
AVERAGE
●   ● Unit ● Cost ● Total
COG ● Endin ● Cost ● Total
●

S g Inv Ending Inv

● Beginning ● 4000 ● 3 ● 1200●   ●   ●   ●  
Inventory 0
● Purchases ● 6000 ● 4 ● 2400●   ●   ●   ●  
0
● Available for ● 1000 ● 3,6 ● 3600●   ● 3000 ● 3,6 ● 10800
sale 0 0
● Sales ● 7000 ● 3,6●   ● 2520●   ●   ●  
0
● Laba ● 8400● - ● 2520 ● 5880●   ●   ●  
0 0 0
 Soal 2
In periods of rising prices, average-cost will produce:

(a) higher net income than FIFO.

(b) the same net income as FIFO.

(c) lower net income than FIFO. (BENAR)

(d) net income equal to the specific identification method.

 Soal 3
Early in 2017, Seoul Company switched to a just-in-time inventory system. Its
sales, cost of goods sold, and inventory amounts for 2016 and 2017 are shown
below.

2016 2017

Sales revenue ₩2,000,000 ₩1,800,000

Cost of goods sold 1,000,000 910,000

Beginning inventory 290,000 210,000

Ending inventory 210,000 50,000

Determine the inventory turnover and days in inventory for 2016 and 2017.
Inventory Turnover

2016
= COGS / Average Inventory
= 1000000 / ((290000+210000)/2) = 4x or 360/4 = 90 days

2017
= COGS / Average Inventory
= 910000 / ((210000+50000) / 2) = 7x or 360/7 = 51,4 days
Soal 4
Assuming the Perpetual Inventory System, compute Cost of Goods Sold and
Ending Inventory under FIFO and average-cost.
 Soal 5
Identify which control activity is violated in each of the following
situations.
SOLUTION
1.The person with primary responsibility for reconciling the

bank account and making all bank deposits is also the

company’s accountant.
2.Wellstone Company’s treasurer received an award for

distinguished service because he had not taken a

vacation in 30 years.
3.In order to save money on order slips and to reduce time

spent keeping track of order slips, a local bar/restaurant

does not buy prenumbered order slips.

LO 2
 Soal 6

The bank statement

for Laird Company, in
Illustration 7-10,
shows a balance per
bank of £15,907.45
on April 30, 2017. On
this date the balance
of cash per books is
£11,589.45. Using
the four reconciliation
steps, Laird
determines the
following reconciling
items.

7-10
 ●Assuming interest of ₤50 has not been accrued and collection fee is
charged to Miscellaneous Expense, the entry is: ???
●The cash disbursements journal shows that check no. 443 was a
payment on account to Andrea Company, a supplier. The correcting entry
is: ??
●As indicated earlier, an NSF check becomes an account receivable to the
depositor. The entry is: ???
●Depositors debit check printing charges (DM) and other bank service
charges (SC) to Miscellaneous Expense. The entry is: ??

7-11
 Soal 7

Mehl Wholesalers NV needs to raise €120,000 in cash to safely cover next

Friday’s employee payroll. Mehl has reached its debt ceiling. Mehl’s balance
of outstanding receivables totals €750,000. Mehl decides to factor €125,000 of
its receivables on September 7, 2017, to alleviate this cash crunch. Record
the entry that Mehl would make when it raises the needed cash. (Assume a
1% service charge.)

7-12