Closing Inventory – NBC Institute

FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)

This question tests the effect of overstating closing inventory on net income.

Question

What is the effect of overstating closing inventory on net income?

Answer

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Tags: Closing Inventory, Financial Statements
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2013

FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2

Calculate the closing inventory for the period using sales, purchases, and other cost data.

Question

Question:

What is the closing inventory for the period?

A. ₦69,300,000
B. ₦81,200,000
C. ₦81,600,000
D. ₦104,400,000
E. ₦108,000,000

Answer

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Tags: Closing Inventory, Financial Reporting, Inventory
Level: Level 1

Topic: Accounting for Inventory and Labour
Series: MAY 2022

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

Question

Question: a) The following extracts are from the books of Bediako Enterprise in the month of February:

Date	Description	Units	Per unit cost (GH¢)
01	Receipts	400	42
04	Receipts	700	45
07	Issue	450
10	Receipts	600	48
14	Issue	700
20	Receipts	1,200	50

Required: Using the Weighted Average Method;

i) Calculate the cost of goods issued to Cost of Sales. (3 marks)

ii) Compute the value of closing inventory. (12 marks)

b) Identify TWO (2) possible causes for each of the following variances:

i) Material cost variance.

ii) Labour cost variance. (5 marks)

Answer

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Tags: Closing Inventory, Cost of Goods Issued, Labour Cost Variance, Material Cost Variance, Weighted Average Method
Level: Level 1

Topic: Inventory Management
Series: AUG 2022

FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)

This question tests the effect of overstating closing inventory on net income.

Question

What is the effect of overstating closing inventory on net income?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Closing Inventory, Financial Statements
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2013

FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2

Calculate the closing inventory for the period using sales, purchases, and other cost data.

Question

Question:

What is the closing inventory for the period?

A. ₦69,300,000
B. ₦81,200,000
C. ₦81,600,000
D. ₦104,400,000
E. ₦108,000,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Closing Inventory, Financial Reporting, Inventory
Level: Level 1

Topic: Accounting for Inventory and Labour
Series: MAY 2022

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

Question

Question: a) The following extracts are from the books of Bediako Enterprise in the month of February:

Date	Description	Units	Per unit cost (GH¢)
01	Receipts	400	42
04	Receipts	700	45
07	Issue	450
10	Receipts	600	48
14	Issue	700
20	Receipts	1,200	50

Required: Using the Weighted Average Method;

i) Calculate the cost of goods issued to Cost of Sales. (3 marks)

ii) Compute the value of closing inventory. (12 marks)

b) Identify TWO (2) possible causes for each of the following variances:

i) Material cost variance.

ii) Labour cost variance. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Closing Inventory, Cost of Goods Issued, Labour Cost Variance, Material Cost Variance, Weighted Average Method
Level: Level 1

Topic: Inventory Management
Series: AUG 2022

Question Tag: Closing Inventory

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FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)

This question tests the effect of overstating closing inventory on net income.

FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2

Calculate the closing inventory for the period using sales, purchases, and other cost data.

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)

This question tests the effect of overstating closing inventory on net income.

FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2

Calculate the closing inventory for the period using sales, purchases, and other cost data.

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

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Question Tag: Closing Inventory

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FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)

This question tests the effect of overstating closing inventory on net income.

You're reporting an error for "FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)"

FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2

Calculate the closing inventory for the period using sales, purchases, and other cost data.

You're reporting an error for "FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2"

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

You're reporting an error for "IMAC – AUG 2022 – L1 – Q4 – Inventory Management"

FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)

This question tests the effect of overstating closing inventory on net income.

You're reporting an error for "FA – May 2013 – L1 – SA – Q23 – Accounting for Inventories (IAS 2)"

FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2

Calculate the closing inventory for the period using sales, purchases, and other cost data.

You're reporting an error for "FA – May 2022 – L1 – SA – Q17 – Accounting for Inventories in Accordance with IAS 2"

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

You're reporting an error for "IMAC – AUG 2022 – L1 – Q4 – Inventory Management"

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