Professional Documents
Culture Documents
Tasks For c5
Tasks For c5
Task 1:
ABC company manufactures product A only, applies perpertual inventory systems and
deductible VAT method.
There are following information in September, 2019: (CU: 1.000 VND)
1. Work in progress at the beginning of this month is measured using direct material
DoB of
costing method: 180,000.
Aca 154
2. Purchased material on credit at price exclude VAT: 1,800,000. VAT rate 10%. The
material was fully received and put into warehouse.
Dr 152:1800.000
Dr 1331:180.000
Cr 331:1.980.000
3. Actual cost of material used directly for production process in September, 2019:
2,100,000
Dr 621/Cr Related ace(12,,...):2.100.000
Direct raw
material cost
neaxat)Ln mua
I kno
5. Manufacturing overhead cost incurred in September, 2019: 320,000 (in which variable
cost 120,000; fixed cost 200,000).
Dr 628/ Cr Related ace (214, 153, 334, ...):320,000
kH Hools
6. Unused material at the end of month: 200,000. This unused material is still at
production department.
Dr 621 /Cr152:(200,000)
7. During the month: there are 1,000 finished products, in which 700 products were put
into the warehouse, the remaining were sent on consignment to distributor C.
Dr 632/Cr627:200.000 20% 40.000 -> phan bi
x
Lunused material
=
lang pl
Dr 154:2440,000 cost of low finished
goods:180,000 2.440,000-300.000
+
Cr 622: 260,000
Dr155/21154:800x2320 1.624.000
Cr 627: 280,000 =
Dr155/Cr154:300x2320: 696.008
-Hang g bai
0
8. At the end of this month, 200 works in progress are measured using direct material
costing method: 300,000.
Dr154/Cr 621:300.000
Requirements:
1. Make journal entries?
2. Calculate cost of finish goods?
Knowing that actual capacity equal to 80% normal capacity. ~long sat chi dat 80%-20%
lang pli
bi
Task 2:
ABC company manufactures product A only, applies periodic inventory system and deductible
VAT method.
There are following information in September, 2019: (CU: 1.000 VND)
1. Work in progress at the beginning of this month is measured using direct material
costing method: 180,000.
2. Cost of material at the beginning of the month: 1.100.000.
3. Purchased material on credit at price exclude VAT: 1,800,000. VAT rate 10%. The
material was fully received and put into warehouse.
8. At the end of this month, 200 works in progress are measured using direct material
costing method: 300,000.
Requirements:
1. Make journal entries
2. Record transactions in General Ledger
Knowing that actual capacity equal to 80% normal capacity.
Task 3:
Company KH manufactures product A only. The company applies deductible VAT method and
perpetual inventory system. In quarter I/N, the following information is available (Unit:
1,000d)
I. Beginning balance: Acc 155: 106,000 (20 products)
II. Transactions incurred in quarter 1/N is as follows:
1. Issuing material for production purpose: 620,000, for factory managing purpose:
100,000
I Presso
Dr 621/Cr152:620.000 -
Dr622/Cr 152:100.00
Cr152:720,000
2. Issuing tools for production department 7,000, for sale department: 5,000 (assume that
cost of these tools are allocated once)
Dr 242 /Cr153:1000
Pr>u1/cr153:5006
Dr 627: 1000
brGM1:5000
-
Cr 153: 12000
Dr8m/cr nen:2,000
4. Total salary payables: 740,000. In which: payables for direct labor: 500,000, for
factory personnel 100,000, sale staffs: 60,000, administrative staffs: 80,000
Dr 622:500.000
Dr 628:wo.0O
Dr 641:60.008
Dr 642:80,000
Cr 334:140.000
6. Cash on hand paid for outside service expenses 56,000. In which, production
department: 32,000, sale department: 10,000, administrative department: 14,000
Dr 626:32.000
Dr 641:w.000
Dr 642:14.000
Cr11:56.
7. In the period, there were 500 finished goods, in which: put into warehouse: 300
products, sent on consignment to distributor XYZ: 200 products.
cost of 500 finished goods
Dr 154:
=
350.000 + 1.599,000-899,000 = 1.050. OOP
(r 621:620.000
Cr 622:500.000 (Transaction 4) Unit cost:1.850,000:500 2100 =
8. Selling 150 products to customer and receiving payment immediately by cash at bank.
WAUC of finished goods issued (N6.000 + 630.000):(20 300):2300
=
+
Cr3331:60.000
9. At the end of this quarter, 1/2 of goods sent on consignment were sold. Distributor
XYZ made full payments to company KH by cash at bank after deducting
commission fees. Commission fee included 10% VAT: 2% based on total payment
amount
10. Received 10 returned products. The company refunded to customer by cash on hand.
Requirement:
1. Calculate cost of finished goods.
2. Make journal entries for the above transactions
3. Prepare income statement for quarter I/N
Additional information: - 154
- Beginning balance and ending balance of work in progress: 350,000 and 899,000,
respectively -> OB of 154:350,000;a of 154:899.800
- Cost of goods sold/used is calculated by weighted average at the end of inventory method.
- Selling price excl VAT of product A: 4,000/product, VAT rate: 10%
- Assume that Profit before tax = Taxable income, CIT rate 20%
Task 4:
NGOC LAN company produces product A only. The company applies deductible VAT
method and perpetual inventory system. There are following documents (CU: 1,000d):
Opening Balance as at 30/09/N:
Acc. 154: 280,000
Acc. 155: 600,000 (75 products)
Acc. 157: 0
Transactions incurred in quarter IV/N are as follows:
Content Amount
1. Direct material expenses (under normal cost) 2,400,000 -> Dr 621/Cr related acc
2. Direct labor expenses (under normal cost) 1,176,000 -> Dr 622/Cr related acc
3. Manufacturing overhead expenses 590,000
In which: - Varialbe cost (normal cost) 260,000 -> Dr 625/Cr related acc
- Fixed cost 330,000
4. In quarter 4/N, there were 500 finished products, in which: 300 products were put into
-> it hon
warehouse and 200 products were sent on consignments. Do 1650 sy NS
Dr 154:4. wO.OO
Dr 155/Cr154:300x8250 2.425.000
Cr621: 2.400.00
=
Cr627:590.000 -
66.000 524.000
=
6. At the end of quarter, 70% of goods sent on consignment were sold. NGOC LAN
company received cash at bank for this sale from the retailer after being deducted
commission fee (excl 10% VAT) at 2% on revenue.
7. Put into warehouse 5 returned goods. The company refunded for the returned goods to
customers by cash on hand.
:
8. Other selling expenses incurred: 350,000
Requirements:
a) Calculate cost of goods sold and make journal entries (including closing entries and
business result entries)
b) Prepare Income Statement Quarter 4/N
Additional information:
The company applies weighted average at ending inventory to calculate cost of goods
sold.
Normal capacity: 625 products/quarter
Ending balance of Acc.154: 255,000
Selling price: 13,000/product A (Excluding VAT 10%)
Assume that Profit before VAT = Taxable income. CIT rate 20%
There were no other expenses and income incurred in this quarter.