FIFO Accounting Assingment Help With Solution
a. Company is using LIFO principle in their internal (management) reporting. For IFRS statements they need
to adjust the numbers according to FIFO principle. Purchase prices have fallen during 2013.
How did the change affect company’s net income and inventory value in IFRS statements compared to internal reporting?
b. Company has promised that its products would be fixed or changed if they broke within the first year from
the date of purchase. Will this affect their accounting and financial statements somehow?
c. If the asset produces 150 000 units in year 1 and 125 000 units in year two
what is the amount of depreciation for year two if the units of production method is used?
d. Refer to Question c. – what is the book value of the asset at the end of year two using the units of production method?
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e. In preparing to calculate depreciation using the double declining balance
method what is the straight line rate?
f. What is the depreciation expense in year one if the double declining balance
method is used?
g. Which of the following statements are TRUE (answer below the options)?
. Allocating the cost of a plant asset over its useful life is called depreciation.
. Allocating the cost of a natural resource to an expense is called depletion.
. Intangible assets are amortized.
. All of the above are true.
h. You are chief accountant for company X and responsible for preparing the annual report for the company.
The other accountants have posted all daily transactions to the bookkeeping and now it is your time to analyze
the numbers and maybe prepare some adjustments.
The comparison period is year 2011and expenses are on the same level on year 2012.
Turnover is correct, you don’t need to adjust it.
Please suggest what kind of adjustments might this company need and why. Also, please define the accounts to be used and
record proposed adjustments to T-accounts or journalize them.
i. On the right you can find income statement and balance sheet of Nokian Tyres Plc group for 2013.
Let’s assume that the attached statements are draft versions and something needs to be adjusted still.
Please indicate which rows the below mentioned items (a.-c.) will change and how they will affect net income/total assets/equity/liabilities (increase or decrease?).
Company has recorded service revenue into its net sales but service was provided only in January 2014,
value 65 000€.
j. Company’s auditor pointed out that something has been ignored in inventory valuation.
A further write-down of obsolete tyres should be accounted for, valued at 340 000€ but net realizable value is zero.
k. Furthermore auditor had reviewed the impairment method used for trade receivables. Company had made allowance
for bad debts but had used wrong basis for overdues and should make a further impairment of 56 000€.
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