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FAC2601 ASSIGNMENT 01 OF 2ND SEMESTER 2019
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FAC2601 ASSIGNMENT 01 OF 2ND SEMESTER 2019 WITH EXPLAINED SOLUTIONS
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By: petrusmyburgh • 5 year ago
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FAC2601ASSIGNMENT 01 OF 2ND SEMESTER 2019
UNIQUE NO: 870505
DUE DATE: 30 AUGUST 2019
1. 2
The Conceptual Framework for Financial Reporting deals with Qualitative
Characteristics of useful financial information NOT Quantitative characteristics.
2. 3
When the perpetual inventory is used, inventory purchases are posted to the Inventory
account, however, under the periodic system, a Purchases account is opened.
3. 4
4. 2
R
Purchases 200 at R20 4000
300 at R25 7500
(3,4
Sales 170 at R25 00)
Balance 30 at R20 600
300 at R25 7500
Total 8100
5. 3
R
200 at R20 4000
300 at R25 7500
Total
cost 11500
Weighted average cost per unit: R11500/500 =
R23
Inventory value: R23 * 330 = R7590
6. 3
Fundamental principle of IAS 2
Inventories are required to be stated at the lower of cost and net realisable value (NRV)
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