User Account

All Pages

inventory., Financial Accounting

Assignment Help:
Tubby is a retailer that buys and sells handmade robotic toys. He buys a basic prototype
and then programs it to do all sorts of unique tricks. The following information was provided
that relates to the month ended January 2022:
Toy production:
? At the December 2021 month-end run Tubby had 200 robotic toy units left with a total
value of R24 000.
? On the 5th of January 2022 Tubby purchased 90 robotic toy units which cost him R128
per unit.
? On the 10th of January 2022 Tubby realised that some of the robotic toy units from his
previous purchase (on 5 January 2022) were broken. He was not happy with this at all
and arranged to have 9 broken units returned to the supplier on that very same day and
requested a refund.
? Closer to the January 2022 month end he realised that there will be a shortage of robotic
toys and had an additional order of 40 robotic toy units delivered on the 19th of January
2022. This order cost him R4 400 for the stock plus an additional transport cost of R320
to have the robotic toys delivered on that same day.
Toy sales:
? Tubby sells his robotic toys online. Customers can buy robotic toys up until the 25th of
each month. He does not take sales or orders after this date as he has to put time aside
to complete his month-end close procedures.
? On the 31st of January 2022 he counted 49 robotic toys on hand. There were no
damaged or stolen toys noted during the count.
? The net realisable value of the 49 robotic toys amounted to R6 370.
REQUIRED:
3.1 Determine the cost of closing inventory, assuming that the business uses the
weighted average cost allocation method and the periodic recording systemtion #Minimum 100 words accepted#

Related Discussions:- inventory.

Assignment, I have an assignment due in four hours. Is it possible to get a...

I have an assignment due in four hours. Is it possible to get an inquiry if at least half of it can be done within that time?

Ed Mettway, Should Touring Enterprises consider liabilities as a part of it...

Should Touring Enterprises consider liabilities as a part of its permanent financing? Why or why not?n #Minimum 100 words accepted#

Advantages and disadvantages of curve , You would like to start investing i...

You would like to start investing in the bond markets and your investment horizon is two years.  In view of the current extremely low interest rate environment, you expect the U.S.

Calculate the capital investment - time value money, Q. The capital invest...

Q. The capital investment appraisal techniques such as NPV, IRR, ARR, PV and Time value of money have become irrelevant post Celtic Tiger. Due to the depth of the recession comp

Determine the increase in the nominal interest rate, Money demand in an eco...

Money demand in an economy in which no interest is paid on money is M d /P = 500 + 0.2Y - 1000i (a) Suppose that P = 100, Y = 1000, and i = 0.10. Find real money demand, nomi

Compare the alternatives on a total-annual-cost , The Rohr Company's old eq...

The Rohr Company's old equipment for making subassemblies is worn out. The company is considering two alternatives: a) Completely replacing the old equipment with new equipment

Prepare an investment plan, Question: Mada Air Ltd is thinking of diver...

Question: Mada Air Ltd is thinking of diversifying its activities in order to cope with the financial crisis. After careful evaluation its research and development team has pro

Acounting principles, notes on Gaap principles

notes on Gaap principles

Stock splits stock dividends, Q. Stock dividends and stock splits have the ...

Q. Stock dividends and stock splits have the following effects on retained earnings: Stock Splits Stock Dividends a. Increase No change b. No change Decrease c. Decrease Decrease d

Depreciation, The non current asset section of Aadil & Co. at December 31, ...

The non current asset section of Aadil & Co. at December 31, 2005 is as under:- Land Rs. 1,000,000 Office equipment Rs. 5,000,000 Less: accumulated depreciation 250,000 4,75

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd