Lernplattform Moodle

Technische Universität München

Started on Friday, 20 January 2023, 11:37 PM

State Finished
Completed on Friday, 20 January 2023, 11:49 PM
Time taken 12 mins 21 secs
Grade 5.00 out of 5.00 (100%)

Question 1 Select all correct answers: Inventories are assets...

Correct

Mark 1.00 out Select one or more:

of 1.00
a. ...held for sale in the ordinary course of business.!

b. ... in process arising under construction contracts

c. ...in the form of materials or supplies to be consumed in the production process or in the !
rendering of services.

d. ...in the process of production for sale.!

The correct answers are:

...held for sale in the ordinary course of business.,
...in the process of production for sale.,
...in the form of materials or supplies to be consumed in the production process or in the rendering
of services.

Question 2 Which of the following cost formulas inflates the costs of goods sold when item costs are increasing
Correct over time?
Mark 1.00 out
of 1.00 Select one or more:
a. LIFO!

b. LOFO

c. FIFO

d. Weighted Average

The correct answer is:

LIFO
Question 3
The retail company Wine Factory buys and sells wine. For their top-selling Riesling "FAntastic" the
Correct
following transactions occurred during the year:
Mark 1.00 out
of 1.00
Date Details Number €/unit Value
Jan 1 Purchase 100 bottles 100 7.90€ 790€
July 13 Purchase 250 bottles 250 8.30€ 2,075€
350 n/a 2,865€
Dec 14 Sell 260 bottles at 9.00€

Calculate the COGS for both cost formulas allowed under IAS 2 and determine their difference.
(Note: Please provide the absolute value with no decimal places (e.g., not: "-4.20" but "4")

Answer: 10 !

The correct answer is: 10

Question 4 After the initial recognition, inventories are measured at...

Correct

Mark 1.00 out Select one or more:

of 1.00
a. Replacement Cost

b. the lower of Market Value (replacement cost) and cost

c. Net Realizable Value (NRV) or cost (optional choice)

d. the lower of Net Realizable Value (NRV) and cost!

The correct answer is:

the lower of Net Realizable Value (NRV) and cost
 Question 5 JUPITER has the following products in its inventory. At which value is the table recognized in
Correct the balance sheet?
Mark 1.00 out
Sofa Table
of 1.00
Selling price 450 560
Replacement cost 300 400
Cost of conversion (until now) 380 500
Remaining cost of completion 40 20
Cost of packaging 15 10
Cost of shipping 8 6

Select one or more:

a. 524

b. 160

c. 400

d. 500!

The correct answer is:

500

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