Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 10.00

Gondor Ltd

Image text transcribed for accessibility: Gondor Ltd (Gondor) uses the weighted average method to determine the cost of its inventory. Inventory movements for the financial year ended 31 December 2013 were as follows: * The purchase was from Rohan Ltd (Rohan), Gondor?s long-term supplier, on FOB shipping point and was scheduled to be shipped on 31 December 2013. However, on 28 December 2013, Rohan informed Gondor that the shipment might be delayed until January 2014 due to unexpected reasons. On 29 December, Gondor?s Marketing Vice President, Mr. Faramier, reported to Mr. Aragon, Gondor?s CEO that Gondor?s merchandises are facing severe competition and Gondor will have to sell them at a large discount. Mr. Faramier proposed a new selling price of $6.20 per unit. The cost of disposal for the merchandise is estimated to be $0.20 per unit. Required: Determine the effect of the change in delivery date on Gondor?s Cost of Goods Sold for the financial year 2013 under: (a) Perpetual inventory system; and (b) Periodic inventory system. (ii) Assume that the last purchase will not be shipped on time, and there is no inventory stolen or damaged. In accordance with the relevant Singapore Financial Reporting Standards, describe the proper accounting treatment(s) for the marketing condition reported by Mr. Faramier, and prepare the necessary journal entries, if any to account for it under: (a) Perpetual inventory system; and (b) Periodic inventory system.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 09:09 PM My Price 10.00

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