Costs of purchase and production cost of inventories
Trading company: cost of purchase of an imported lot, FIFO and weighted average cost
≈ 40 minWorkpapers
Can you document your analysis and your accounting treatment like a professional? Each mission starts from a real file and ends with a review.
How a mission works
Numbered sections, like a professional working paper: objective, data, pieces, analysis, calculations, entries, conclusion; then a reviewer reviews.
- 1Objective
- 2Data
- 3Documents
- 4Analysis
- 5Calculation
- 6Entries
- 7Judgment
- 8Conclusion
- 9References
L1Foundation(3)
Foundation Foundation Cost formulas: cost of issues and closing inventory
First-in, first-out (FIFO)
Trading company: cost of purchase of an imported lot, FIFO and weighted average cost · Situation 1 of 2
≈ 30 minFoundation Cost formulas: cost of issues and closing inventory
Weighted average cost
Trading company: cost of purchase of an imported lot, FIFO and weighted average cost · Situation 2 of 2
≈ 30 min
L2Intermediate(1)
Intermediate Costs of purchase and production cost of inventories
Manufacturing workshop: production cost, normal capacity and excluded costs
≈ 40 min
L3Advanced(8)
Advanced Joint products and cost measurement techniques
Beams — joint costs
Joint production and retail: by-product and retail method · Situation 1 of 4
≈ 35 minAdvanced Joint products and cost measurement techniques
Planks — joint costs
Joint production and retail: by-product and retail method · Situation 2 of 4
≈ 35 minAdvanced Joint products and cost measurement techniques
Shop — garden department
Joint production and retail: by-product and retail method · Situation 3 of 4
≈ 35 minAdvanced Joint products and cost measurement techniques
Shop — hardware department
Joint production and retail: by-product and retail method · Situation 4 of 4
≈ 35 minAdvanced Net realisable value test, write-down and reversal
Urban bicycles under contract
Closing: net realisable value, firm contract, materials and reversal · Situation 1 of 4
≈ 40 minAdvanced Net realisable value test, write-down and reversal
Other Urban bicycles
Closing: net realisable value, firm contract, materials and reversal · Situation 2 of 4
≈ 40 minAdvanced Net realisable value test, write-down and reversal
Trail bicycles
Closing: net realisable value, firm contract, materials and reversal · Situation 3 of 4
≈ 40 minAdvanced Net realisable value test, write-down and reversal
Damaged Kids bicycles
Closing: net realisable value, firm contract, materials and reversal · Situation 4 of 4
≈ 40 min
L4Expert(29)
Expert Scope of IAS 2 and classification of inventories
Altavia Métaux — copper inventory
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures · Situation 1 of 6
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Altavia Métaux — forward contracts
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures · Situation 2 of 6
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Domaine Altavia — grapes on the vine
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures · Situation 3 of 6
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Domaine Altavia — harvested grapes
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures · Situation 4 of 6
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Altavia Machines — machine built to order
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures · Situation 5 of 6
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Altavia Machines — parts for the line
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures · Situation 6 of 6
≈ 25 minExpert Inventories note
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures
≈ 30 minExpert Scope of IAS 2 and classification of inventories
Orchard apple trees
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 1 of 7
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Harvested apples
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 2 of 7
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Forward exchange contracts
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 3 of 7
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Imported dried fruit
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 4 of 7
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Juice and compote
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 5 of 7
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Packaging and supplies
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 6 of 7
≈ 25 minExpert Scope of IAS 2 and classification of inventories
Pressing line components
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 7 of 7
≈ 25 minExpert Costs of purchase and production cost of inventories
Imported dried apricot lot
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 1 of 2
≈ 40 minExpert Costs of purchase and production cost of inventories
Pressing campaign
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 2 of 2
≈ 40 minExpert Joint products and cost measurement techniques
Apple juice
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 1 of 2
≈ 35 minExpert Joint products and cost measurement techniques
Apple compote
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 2 of 2
≈ 35 minExpert Cost formulas: cost of issues and closing inventory
Dried apricots
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 1 of 4
≈ 30 minExpert Cost formulas: cost of issues and closing inventory
Apple juice
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 2 of 4
≈ 30 minExpert Cost formulas: cost of issues and closing inventory
Apple compote
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 3 of 4
≈ 30 minExpert Cost formulas: cost of issues and closing inventory
Stainless steel pressing line components
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 4 of 4
≈ 30 minExpert Net realisable value test, write-down and reversal
Compote under contract
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 1 of 6
≈ 40 minExpert Net realisable value test, write-down and reversal
Other compote
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 2 of 6
≈ 40 minExpert Net realisable value test, write-down and reversal
Mislabelled bottles
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 3 of 6
≈ 40 minExpert Net realisable value test, write-down and reversal
Other juice bottles
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 4 of 6
≈ 40 minExpert Net realisable value test, write-down and reversal
Dried apricots
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 5 of 6
≈ 40 minExpert Net realisable value test, write-down and reversal
Dried figs
Professional file: inventory closing of a manufacturer-distributor of apple products · Situation 6 of 6
≈ 40 minExpert Inventories note
Professional file: inventory closing of a manufacturer-distributor of apple products
≈ 30 min