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    NIM: 2440007043 Nama: Ni Putu Young Yenyuo A Mata Kuliah: Accounting For Business Dosen: Herlin Tundjung Setijaningsih

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    iye
    As the CFO of the company, I would choose the FIFO (first-in, first-out) method for calculating cost of goods sold, ending inventory, and gross profit. Here are the key reasons for my choice: - FIFO provides a more accurate matching of costs to the revenues generated by the goods sold. Since older inventory costs are matched to sales first, the cost of goods sold reflects the actual costs incurred to generate those sales revenues. - FIFO follows the physical flow of inventory and better reflects the current replacement costs of inventory. The ending inventory balance under FIFO reflects the most recently purchased goods, whose costs are likely closer to what would need to be paid to replace that inventory. - FI

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    NIM: 2440007043 Nama: Ni Putu Young Yenyuo A Mata Kuliah: Accounting For Business Dosen: Herlin Tundjung Setijaningsih

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    iye
    36 views5 pages
    As the CFO of the company, I would choose the FIFO (first-in, first-out) method for calculating cost of goods sold, ending inventory, and gross profit. Here are the key reasons for my choice: - FIFO provides a more accurate matching of costs to the revenues generated by the goods sold. Since older inventory costs are matched to sales first, the cost of goods sold reflects the actual costs incurred to generate those sales revenues. - FIFO follows the physical flow of inventory and better reflects the current replacement costs of inventory. The ending inventory balance under FIFO reflects the most recently purchased goods, whose costs are likely closer to what would need to be paid to replace that inventory. - FI

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    As the CFO of the company, I would choose the FIFO (first-in, first-out) method for calculating cost of goods sold, ending inventory, and gross profit. Here are the key reasons for my choice: - FIFO provides a more accurate matching of costs to the revenues generated by the goods sold. Since older inventory costs are matched to sales first, the cost of goods sold reflects the actual costs incurred to generate those sales revenues. - FIFO follows the physical flow of inventory and better reflects the current replacement costs of inventory. The ending inventory balance under FIFO reflects the most recently purchased goods, whose costs are likely closer to what would need to be paid to replace that inventory. - FI

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    36 views5 pages

    NIM: 2440007043 Nama: Ni Putu Young Yenyuo A Mata Kuliah: Accounting For Business Dosen: Herlin Tundjung Setijaningsih

    Uploaded by

    iye
    As the CFO of the company, I would choose the FIFO (first-in, first-out) method for calculating cost of goods sold, ending inventory, and gross profit. Here are the key reasons for my choice: - FIFO provides a more accurate matching of costs to the revenues generated by the goods sold. Since older inventory costs are matched to sales first, the cost of goods sold reflects the actual costs incurred to generate those sales revenues. - FIFO follows the physical flow of inventory and better reflects the current replacement costs of inventory. The ending inventory balance under FIFO reflects the most recently purchased goods, whose costs are likely closer to what would need to be paid to replace that inventory. - FI

    Copyright:

    © All Rights Reserved
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    of 5

    NIM: 2440007043

    Nama : Ni Putu Young Yenyuo A


    Mata Kuliah: Accounting For Business
    Dosen: Herlin Tundjung Setijaningsih

    1. a)
    b)
    c)

    2. a) the income statement of iblis hotel in july 2019

    Revenue :
    -service revenue 14.390

    Expense :
    -salaries and wages 7145
    expense
    -rent expense 2740
    -depreciation expense 665
    -supplies expense 580
    -interesr expense 45
    Total Expense 11.175

    Net income 3215

    Equity :
    Owner’s capital 10640
    Net income 3215
    Prive (ownwe drawings) -800

    Ending equity : 13.055


    b) the balance sheet

    Ibis Hotel
    balance sheet
    31-Jul-19
    Assets  
    Current Assets / aset lancar  
    Cash 7680  
    Account Receivable 810  
    Prepaid Rent 1965  
    Supplies 1160  
    Total Current Assets 11615
       
    FIxed Assets / aset tetap  
    Equipment 11400  
    Accumulated Depreciation - Equipment -840  
    Total FIxed Assets 10560
       
    Total Assets 22175
       
       
    Liability / Hutang  
    Accounts Payable 2140  
    Notes Payable 6000  
    Salaries and Wages Payable 360  
    Unearned Service Revenue 580  
    Interest Payable 40  
    Total Liability 9120
       
    Equity  
    Shareholder's Equity 0  
    Retained Earnings 13055  
    Total Equity 13055
       
    Total Liabilities & Equity   22175
    3. a) Calculate the vehicle annual depreciation

    harga beli – residual value

    useful life
    $105,000 - $5,000 20.000

    b) Calculate the book value (carrying value) of the vehicle on 1 January


    2018

    NBV = Gross cost of assets – accumulated depreciation


    = 105.000 – 100.000
    = 5000

    4. a) Calculate: Cost of Goods Sold, Ending Inventory and Gross Profit


    using FIFO method!

    Date Keterangan Unit Harga Total


    $ $
    1 September 2016 Beginning Inventory 200
    9 1,800
    $ $
    6 September 2016 Buy 300
    10 3,000
    $ $
    27 September 2016 Buy 350
    11 3,850
    $
      850
    8,650
    $
    29 September 2016 Sold -650  
    25
    Date Keterangan Unit Harga Total
    $ $
    1 September 2016 Beginning Inventory 200 9 1,800
    $ $
    6 September 2016 Buy 300 10 3,000
    $ $
    27 September 2016 Buy 150 11 1,650
       
    $
    Cost of Goods Sold 6,450

    Date Keterangan Unit Harga Total


    $ $
    27 September 2016 Buy 200 11 2,200
           
    $
      Ending Inventory 200   2,200

    $
    Revenue 16,250
    Cost of Goods $
    Sold 6,450
    $
    Gross Profit 9,800

    b) Cost of Goods Sold, Ending Inventory and Gross Profit using


    average method

    Metode Average
       
    Harga per Unit = Total Harga Beli / Total Unit = $ 8,650 / 850
      $ 10.18
       
    Cost of Goods Sold = Unit dijual * Harga per Unit = 650 unit * $ 10.18
      $ 6,617
       
    Ending Inventory = Unit tersisa* Harga per Unit = 200 unit * $ 10.18
      $ 2,036
       
    Revenue $ 16,250  
    Cost of Goods Sold $ 6,617  
    Gross Profit $ 9,633  

    c) If you are the CFO of the company, which method you will choose?
    Explain your reasons

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