Assignment Task:

Part A: Current Assets
Part A includes two questions. Both are compulsory.
Part A - Question 1: Inventories 
Anna’s Frozen Treats Ltd sells only one product, a refreshing lemonade ice-block that is very popular during the summer. The company uses the perpetual inventory system for recording its cost of sales. The inventories and purchases for the month of December 2019 are as follows:

beginning inventory

During the month units were sold for $3.50 per unit.
Required: For the purpose of this question, please ignore GST. Show ALL your workings.
i. Calculate the cost of goods available for sale in December. 
ii. Calculate the cost of sales for 14 December using the FIFO method. 
iii. Calculate the cost of sales for 14 December using the LIFO method. 
iv. Calculate the cost of sales for 14 December using the weighted average cost method. 
v. Using the weighted average cost method, calculate the $ amount assigned to the inventory on hand at 31 December and the gross profit earned for the month of December.

william

The following additional information was provided:
(a) All sales and purchases of inventories were on account.
(b) Accounts payable pertains to inventory creditors.
(c) Additional equipment was purchased for cash during the year.
(d) Investments were sold for cash at cost.
(e) Equipment costing $47,000 was sold for cash with a gain of $8,750.
(f) A cash dividend was declared and paid during the year.
(g) Operating expenses include depreciation expense of $49,700.
(h) Income tax expense and interest expense were settled in cash.
(i) Additional shares were issued for cash during the year.

Required: For the purpose of this question, please ignore GST, but show all your workings.
i. Prepare a Statement of Cash Flows for Williams Ltd for the year ended 30 June 2020 using the direct method.
ii. Prepare a reconciliation of net profit after tax to net cash provided from operating activities.

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  • Posted on : April 10th, 2019

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