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.

Describe the usiness entities:, Answer all of the parts in this task. Part ...

Answer all of the parts in this task. Part (i) is worth a maximum of 6 Marks - 1 Mark each part. Parts (ii) and (iii) are worth a maximum of 2 Marks each. (i) Describe each of t

What is the present value, What is the present value of $500 per year for t...

What is the present value of $500 per year for ten years at 12 percent, assuming a regular, or ordinary annuity?

Sec reporting implications, SEC reporting implications i) Potentially i...

SEC reporting implications i) Potentially inaccurate reporting of executive compensation in proxy statements and annual reports ii) Potential violation of securities and Law

Calculate the depreciation of project, A small airline company called Mancu...

A small airline company called Mancunian Airways (MA) is considering purchasing a new jet, which will be used solely on the new route: Manchester, Paris, Madrid and back to Manch

What about a foreign-based multinational corporation, Does a state have the...

Does a state have the authority to require a U.S.-based multinational corporation to compute its state taxable income on a worldwide combined reporting basis? What about a foreign-

How can a person tell whether an entry to an expense account, How can a per...

How can a person tell whether an entry to an expense account is payment for a legitimate expenditure or a means of concealing a theft of cash?

U.s savings bonds, Natalie cashes in her U.S savings Bonds and receives % 5...

Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it

What is reporting currency, 1. What accounting firm performed the audit of ...

1. What accounting firm performed the audit of Zetar's financial statement? 2. What is the address of the company's corporate headquarters? 3. What is the company's reporting

Estimate cost of equity using market values, Q. Estimate cost of equity usi...

Q. Estimate cost of equity using market values? The cost of equity as well as cost of debt should always be estimated using market values. If the approximate cash flows of a

Types of gift by way of a will-executorship laws and account, TYPES OF GIFT...

TYPES OF GIFT BY WAY OF A WILL (a) A special (or specific) legacy is a testamentary gift of a particular part of the property of the testator, which identifies that part by a s

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