題目

Appleby buys and sells inventory during the month of August as follows:

Opening inventory???????????????????????????????????????????????????????????????????100 units?????????????????????????$2.52/unit

4 August??????????????????????????????????????????????? Sales?????????????????????????20 units?

8 August??????????????????????????????????????????? Purchases???????????????????? 140 units??????????????????????? ?$2.56/unit

10 August???????????????????????????????????????????? Sales???????????????????????? ?90 units?

18 August????????????????????????????????????????? Purchases????????????????? ? 200 units??????????????????????? ?$2.78/unit

20 August????????????????????????????????????????? ?Sales????????????????????????? 180 units?

The periodic weighted average for the month is calculated as follows:

Total value of inventory (opening inventory plus purchase costs during the month) divided by total units (opening inventory plus purchase costs during the month).Which of the following statements is true?

A

Closing inventory is $19.50 higher when using the FIFO method instead of the periodic weighted average.

B

Closing inventory is $19.50 lower when using the FIFO method instead of the periodic weighted average.

C

Closing inventory is $17.50 higher when using the FIFO method instead of the periodic weighted average.

D

Closing inventory is $17.50 lower when using the FIFO method instead of the periodic weighted average.

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Chapter6Accountingformaterials

In times of rising prices FIFO will give a higher valuation of the closing inventory as the older.

lower prices will be issued to production.

Opening inventory + units purchased????????????????????????? 440

Units sold??????????????????????????????????????????????????????????????????? (290)

Closing inventory (units)?????????????????????????????????????????????150

FIFO Closing inventory: 150 units @ $2.78???????????????? $417

AVCO Weighted average cost???????????????????????????????????? $

100 units @ $2.52?????????????????????????????????????????????????????? 252

140 units @ $2.56???????????????????????????????????????????????????????358

200 units @ $2.78????????????????????????????????????????????????????? 556

440???????????????????????????????????????????????????????????????????????????? 1,166

Average cost per unit 1,166/440??????????????????????????????? $2.65

Closing inventory: 150 units @ $2.65??????????????????????? $397.50

FIFO higher by (417 - 397.50)????????????????????????????????? $19.50

多做幾道

Which of the following statements about management accounting information is/are true?

(i) They must be stated in purely monetary terms.

(ii) Limited companies must, by law, prepare management accounts.

(iii) They serve as a future planning tool and are not used as an historical record.

A

(i), (ii) and (iii)

B

(i) and (ii)

C

(ii) only

D

None of the statements is true

Which of the following statements is/are correct?

(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.

(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.

(iii) Information is data that has been processed into a form meaningful to the recipient.

A

(i), (ii) and (iii)

B

(i) and (iii)

C

(ii) and (iii)

D

(iii) only

Good information should have certain qualities. Which of the following are qualities of good information?(i) Complete(ii) Extensive(iii) Relevant(iv) Accurate

A

(i), (ii) and (iii)

B

(i), (iii) and (iv)

C

(ii) and (iv)

D

All of them

Monthly variance reports are an example of which one of the following types of management information?

A

Tactical

B

Strategic

C

Non-financial

D

Operational

Which of the following statements is/are correct?

(i) Information for decision-making should incorporate uncertainty in some way

(ii) The data used to prepare financial accounts and management accounts are the

A

(i) is true and (ii) is false

B

(ii) is true and (i) is false

C

Both are true

D

Both are false

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