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Since 1977

FAR OCAMPO/OCAMPO
FAR.3202-Inventories MAY 2022

DISCUSSION PROBLEMS
1. Inventories are c. Goods sold to Garcia Company, under terms FOB
a. Assets held for sale in the ordinary course of destination, invoiced for P18,500 which includes
business, in the process of production for such P1,000 freight charges to deliver the goods.
sale, or in the form of materials or supplies to be Goods are in transit.
consumed in the production process or in the d. Purchased goods in transit, terms FOB origin,
rendering of services. invoice price P48,000, freight cost, P3,000.
b. Tangible items that are held for use in the e. Goods out on consignment to Manil Company,
production or supply of goods or services, for sales price P36,400, shipping cost of P2,000.
rental to others, or for administrative purposes;
Assuming that the company's selling price is 140% of
and are expected to be used during more than one
inventory cost, the adjusted cost of Fair Company's
period.
inventory at December 31 should be
c. Properties held to earn rentals or for capital
a. P1,055,700 c. P1,039,300
appreciation or both.
b. P1,039,500 d. P1,037,300
d. Identifiable non-monetary assets without physical
substance.
5. What is the principle for recognition of inventory in
2. Which of the following will not qualify as inventory?
accordance with PAS 2?
a. Dogs that a pet shop buys from breeders that it
a. Recognition of inventory is not specified in PAS 2.
then sells.
b. Inventory is recognized when, and only when, the
b. Cryptocurrencies for sale in the ordinary course of
entity obtains the risks and rewards of ownership
business.
of inventory and has the ability to dispose of the
c. Lubricants that are consumed by an entity’s
inventory
machinery in producing goods.
c. Inventory is recognized when, and only when, the
d. Plant held for sale.
entity becomes a party to a purchase commitment.
d. Inventory is recognized when, and only when, it is
3. La Union Company included the following items under
probable that future economic benefits will flow to
inventories:
the entity and the cost or value of the inventory
Materials on hand P1,200,000 can be measured reliably.
Materials in transit shipped FOB
shipping point 470,000 6. In accordance with PAS 2, inventories are required to
Materials in transit shipped FOB be measured at the
destination 350,000 a. Cost
Advances for materials ordered 200,000 b. Net realizable value
Goods in process 900,000 c. Fair value less costs to sell
Finished goods in factory 3,000,000 d. Lower of cost and net realizable value
Finished goods in company-owned
retail stores, including 50% profit 7. Which statement is incorrect regarding costs of
on cost 750,000 inventories?
Finished goods in hands of consignees a. The cost of inventories should comprise all costs of
including 40% profit on sales 400,000 purchase, costs of conversion and other costs
Goods held on consignment, at sales incurred in bringing the inventories to their present
price, cost P150,000 300,000 location and condition.
Finished goods in transit to customers, b. Trade discounts, rebates and other similar items
shipped FOB seller, at cost 250,000 are deducted in determining the costs of purchase.
Finished goods in transit to customers, c. It may be appropriate to include non-production
shipped FOB buyer, at cost 150,000 overheads or the costs of designing products for
Unsalable finished goods, at cost 30,000 specific customers in the cost of inventories.
Office supplies 40,000 d. Foreign exchange differences arising directly on
Advertising catalogs and shipping the recent acquisition of inventories invoiced in a
boxes 150,000 foreign currency are included in cost of inventories.
Compute the amount to be presented as “Inventories”
under current assets. 8. Costs of purchase do not include
a. P6,460,000 c. P6,560,000 a. Purchase price.
b. P6,510,000 d. P6,610,000 b. Import duties and other non-refundable taxes.
c. Transport, handling and other costs directly
4. The inventory on hand at December 31 for Fair attributable to the acquisition of finished goods,
Company valued at a cost of P947,800. The following materials and services.
items were not included in this inventory amount: d. Fixed and variable manufacturing overheads.
a. Purchased goods, in transit, shipped FOB
destination invoice price P32,000 which included
freight charges of P1,600.
b. Goods held on consignment by Fair Company at a
sales price of P28,000, including sales commission
of 20% of the sales price.

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EXCEL PROFESSIONAL SERVICES, INC.

9. Costs of conversion do not include 11. The total costs of purchase is

a. Direct labor. a. P3,747,000 c. P4,100,000
b. Fixed factory overhead. b. P4,047,000 d. P4,249,000
c. Variable factory overhead.
d. Direct materials. 12. The total costs of conversion is
a. P1,134,000 c. P1,060,000
10. The following may be included in the cost of b. P1,144,000 d. P1,070,000
inventories, except
a. Administrative overheads.
b. Storage costs. 13. The following information pertains to King
c. Wasted materials, labor and other production Corporation’s inventory in units:
costs. Inventory, beginning 100,000
d. Selling costs. Purchases 900,000
Purchase returns 10,000
Received from consignors 220,000
Use the following information for the next two questions: Transferred to consignees 160,000
Roweena Corporation began operations in the current year. Sales (excluding consignments) 750,000
During the year it incurred the following expenditures in Sales - received from consignors 80,000
purchasing materials for producing its product: Sales - consignees 42,000
• Purchase price of raw materials = P3,000,000 Sales returns – in good condition 8,000
• Import duty and other non-refundable purchase taxes Sales returns - unsalable 5,000
= P800,000 How many units should King Corporation include in its
• Refundable purchase taxes = P100,000 inventory at the end of the period?
• Freight costs for bringing the goods from the supplier a. 193,000 c. 206,000
to the factory raw material storeroom = P300,000 b. 201,000 d. 211,000
• Costs of unloading the materials into the raw material
storeroom = P2,000 14. In accordance with the objective of PAS 2, a primary
• Packaging = P200,000 issue in accounting for inventories is
The entity received P53,000 volume rebate from a supplier a. The amount of cost to be recognized as an asset
for purchasing more than P1,500,000 from the supplier and carried forward until the related revenues are
during the year. recognized.
b. The cost formulas to be used to assign costs to
The entity incurred the following additional costs in the inventories.
production run: c. The measurement of inventories held by producers
• Salary of the machine workers in the factory = of agricultural and forest products.
P500,000 d. The measurement of inventories held by
• Salary of factory supervisor = P300,000 commodity broker-traders.
• Depreciation of the factory building and equipment
used for production process = P60,000 15. Which statement is incorrect regarding cost formulas?
• Consumables used in the production process = a. An entity shall use the same cost formula for all
P20,000 inventories having a similar nature and use to the
• Depreciation of vehicle used to transport the goods entity.
from the raw materials storeroom to the machine floor b. For inventories with a different nature or use,
= P40,000 different cost formulas may be justified.
• Factory electricity usage charges = P30,000 c. Both a and b.
• Factory rental = P100,000 d. Neither a nor b.
• Depreciation and maintenance of the entity’s vehicle
used by the factory supervisor (50 per cent for official 16. Which statement is incorrect regarding cost formulas?
use and 50 per cent for personal use) = P20,000. a. Specific identification of cost means that specific
Private use of the vehicle is an employee benefit. costs are attributed to identified inventory.
b. The FIFO formula assumes that the items of
The entity incurred the following administration expenses: inventory that were purchased or produced first
• Depreciation of the administration building = P50,000 are sold first, and consequently the items
• Depreciation and maintenance of vehicles used by the remaining in inventory at the end of the period are
administrative staff = P15,000 those most recently purchased or produced.
• Salaries of the administration personnel = P305,000 c. Under the weighted average cost formula, the cost
of each item is determined from the weighted
Of the administration expenses 20 per cent are attributable average of the cost of similar items at the
to administering the factory. The rest of the beginning of a period and the cost of similar items
administration expenses are attributable, in equal purchased or produced during the period.
proportion, to the sales and other non-production d. Under the weighted average cost formula, the
operations (eg financing, tax and corporate secretarial average is calculated as each additional shipment
functions). is received, regardless of the circumstances of the
entity.
The entity incurred the following selling expenses:
• Advertising costs = P30,000 17. When can an entity use last-in, first-out (LIFO)?
• Depreciation and maintenance of vehicles used by the a. For items that are not ordinarily interchangeable.
sales staff = P10,000 b. For goods or services produced and segregated for
• Salary of the administration personnel = P600,000 specific projects.
c. For items other than those mentioned in a and b.
d. Under no circumstances.

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18. Generally, which inventory costing method LECTURE NOTES:

approximates most closely the current cost for each of
Computation of the cost of ending inventory
the following?
Cost of goods sold Ending inventory Specific identification:
a. LIFO FIFO
Units on hand x Specific Unit Cost
b. LIFO LIFO
c. FIFO FIFO
First-in, first-out method (FIFO)
d. FIFO LIFO
Units on hand x Unit Cost of latest purchases

Use the following information for the next three questions. Weighted Average
Units on hand x Weighted Average Unit Cost (WAUC)
Transactions for the month of June were:
WAUC = Total cost of GAS/Total units available for sale
Purchases Units Unit cost Total cost
June 1 (balance) 400 P3.20 P 1,280
3 1,100 3.10 3,410
22. Maximilian uses the perpetual inventory system.
7 600 3.30 1,980
Maximilian's inventory transactions for the month of
15 900 3.40 3,060
August were as follows:
22 250 3.50 875
Total
3,250 P10,605
No. Unit cost cost
Sales 01 Aug. Beg. inventory 20 P4.00 P80.00
June 2 300 @ P5.50 07 Aug. Purchases 10 4.20 42.00
6 800 @ 5.50 10 Aug. Purchases 20 4.30 86.00
9 500 @ 5.50 12 Aug. Sales 15 ? ?
10 200 @ 6.00 16 Aug. Purchases 20 4.60 92
18 700 @ 6.00 20 Aug. Sales 40 ? ?
25 150 @ 6.00 28 Aug. Sales returns 3 ? ?
2,650
Using the information, assume that the Maximilian
19. The ending inventory on a FIFO basis is uses the FIFO cost flow method and that the sales
a. P1,900 c. P2,041 returns relate to the 20 August sales. The sales return
b. P1,956 d. P2,065 should be costed back into inventory at what unit cost?
20. Assuming that perpetual inventory records are kept in a. P4.00 c. P4.07
units only, the ending inventory on an average-cost b. P4.30 d. P4.60
basis is
a. P1,900 c. P2,041 23. Which of the following is not affected by the inventory
b. P1,956 d. P2,065 valuation method used by an entity?
a. Cost of goods sold.
21. Assuming that perpetual inventory records are kept in b. Net income of the entity.
units and pesos, the ending inventory on an average- c. Amounts owed for income taxes.
cost basis is d. Amounts paid to acquire merchandise.
a. P1,900 c. P2,041
b. P1,956 d. P2,065 24. Which statement is correct regarding net realizable
value (NRV)?
a. NRV refers to the net amount that an entity
SOLUTION FOR QUESTION #21: expects to realize from the sale of inventory in the
ordinary course of business.
b. NRV for inventories may not equal fair value less
costs to sell.
c. Both a and b.
d. Neither a nor b.

25. The cost of inventories may not be recoverable if

I. The inventories are damaged
II. The inventories have become wholly or partially
obsolete
III. The selling prices have declined
IV. The estimated costs of completion or the estimated
costs to be incurred to make the sale have
increased.
a. I, II, III and IV c. I and II only
b. I, II and III only d. I, II and IV only

26. The closing inventory at cost of a company amounted

to P284,700. The following items were included at
cost in the total:
• 400 coats, which had cost P80 each and normally
sold for P150 each. Owing to a defect in
manufacture, they were all sold after the reporting
date at 50% of their normal price. Selling
expenses amounted to 5% of the proceeds.

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EXCEL PROFESSIONAL SERVICES, INC.

• 800 skirts, which had cost P20 each. These too 30. The Refenjol Corporation included the following in its
were found to be defective. Remedial work costs unadjusted trial balance as of December 31:
P5 per skirt and selling expenses for the batch Inventory, 1/1 P 19,450,000
totaled P800. They were sold for P28 each. Purchases 127,850,000
What should the inventory value be according to PAS 2 Available for sale P147,300,000
Inventories after considering the above items? The inventory at December 31 was counted at a cost
a. P281,200 c. P282,800 of P14.5 million. This includes P500,000 of slow-
b. P282,100 d. P329,200 moving inventory that is expected to be sold for a net
amount of P300,000.

27. The following figures relate to inventory held at The cost of sales for the year is
December 31: a. P133,100,000 c. P132,800,000
b. P133,000,000 d. P132,600,000
Per Unit
Cost P10
General selling price 12
31. In accordance with PAS 2, an entity should disclose
Selling price in a binding contract to sell 14
a. The amount of any write-down of inventories
Quoted price in an active market for
recognized as an expense in the period.
similar asset 11
b. The amount of any reversal of any write-down that
Estimated costs to sell 3
is recognized as a reduction in the amount of
There were 10,000 units (including 2,000 held to satisfy inventories recognized as expense in the period.
a binding contract to sell). c. The circumstances or events that led to the
reversal of a write-down of inventories.
At what amount should the entity report the inventory
d. All of these.
on its statement of financial position?
a. P100,000 c. P90,000
b. P 92,000 d. P84,000
32. In accordance with PIC Q&A No. 2018-10 PAS 2 –
Scope of disclosure of inventory write-downs, an entity
should disclose
28. Which is correct regarding write-down of inventory to
a. Write-downs of inventory held at the end of the
net realizable value?
reporting period.
a. Materials and other supplies held for use in the
b. Write-downs representing sales below cost during
production of inventories are not written down
the reporting period.
below cost if the finished products in which they
c. Both a and b.
will be incorporated are expected to be sold at or
d. Neither a nor b.
above cost.
b. When a decline in the price of materials indicates
that the cost of the finished products exceeds net
33. Which statement is incorrect regarding reversal of
realizable value, the materials are written down to
inventory write-down to net realizable value?
net realizable value. In such circumstances, the
a. If the selling price of inventory that has been
best available measure of the net realizable value
written down to net realizable value in a prior
of materials is the replacement cost.
period, subsequently recovers, the previous
c. Both a and b.
amount of the write-down can be reversed.
d. Neither a nor b.
b. The reversal is limited to the amount of the
original write-down.
c. The amount of any reversal of any write-down of
29. The following figures relate to inventory of materials
inventories, arising from an increase in net
held at December 31:
realizable value, shall be recognized as a reduction
Item X Item Y in the amount of inventories recognized as an
expense in the period in which the reversal occurs.
Cost P200,000 P400,000 d. None, all the statements are correct.

Replacement cost 180,000 370,000

Estimated costs to convert 34. At the end of the reporting period, the balance of
materials into finished goods 100,000 200,000 inventory account of an entity was P502,000. The
balance of the allowance for inventory write-down was
Estimated selling price of 320,000 610,000 P33,000. The inventory cost and other data are as
finished goods follows: (amounts in thousands)

Estimated costs to sell 10,000 15,000 Replace

ment Sales Normal
The entity should recognize loss on write-down of Item Cost Cost Price NRV Profit
inventory of materials of A P 89 P 86 P 91 P 87 P 5
a. P50,000 c. P5,000 B 94 92 93 85 7
b. P30,000 d. Nil C 125 135 129 111 10
D 194 114 205 197 20
Total P502 P427 P518 P480 P32

The amount to be recognized as reversal of inventory

write down is
a. P33,000 c. P8,000
b. P11,000 d. P 0

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EXCEL PROFESSIONAL SERVICES, INC.

35. Caravana Development Corporation bought a 10- 37. Catapult Corp. purchased merchandise during the year
hectare land in Novaliches, to be improved, subdivided on credit for P200,000; terms 2/10, n/30. All of the
into lots, and eventually sold. Purchase price of the gross liability except P40,000 was paid within the
land was P58,000,000. Taxes and documentation discount period. The remainder was paid within the
expenses on the transfer of the property amounted to 30-day term. At the end of the annual accounting
P800,000. The lots were classified as follows: period, 90% of the merchandise had been sold and
Lot Number Selling price Total 10% remained in inventory. The entity has no
class of lots per lot clearing costs beginning inventory. The entity uses net method of
A 10 P1,000,000 None recording purchases.
B 20 800,000 P1,000,000
If the entity used the gross method of recording
C 40 700,000 3,000,000
purchases instead of the net method, the reported cost
D 50 600,000 8,000,000
of goods sold would have been
The cost per lot of class B lots under the relative sales a. The same c. Lower by P720
value method of inventory valuation is b. Higher by P720 d. P176,400
a. P674,285 c. P602,380
b. P610,000 d. P560,000
Use the following information for the next two questions.
On Nov. 15, 2022, Socrates entered into a commitment to
36. Buyer Co. regularly buys shirts from Vendor Company
purchase 200,000 units of raw material X for P40 per unit
and is allowed trade discounts of 20% and 10% from
to be delivered on Mar. 15, 2023. The contract cannot be
the list price. Buyer purchased shirts from Vendor on
cancelled. Socrates entered into this purchase commitment
May 27 and received an invoice with a list price of
to protect itself against the volatility in the price of raw
P100,000 and payment terms 2/10, n/30. If Buyer
material X. By Dec. 31, 2022, the purchase price of
uses the net method of recording purchases, the
material X had fallen to P35 per unit.
journal entry to record the payment on June 7 will
include
38. How much will be recognized as loss on purchase
a. A debit to Accounts payable of P72,000.
commitment on Mar. 15, 2023 if the price of the
b. A debit to Purchase Discounts Lost of P1,440.
material had fallen further to P32 per unit?
c. A credit to Purchase Discounts of P1,440.
a. P1,600,000 c. P600,000
d. A credit to Cash of P70,560.
b. P1,000,000 d. P 0

39. How much will be recognized as gain on purchase

LECTURE NOTES:
commitment on Mar. 15, 2023 if the price of the
Trade and Cash Discounts material had risen to P42 per unit?
a. P2,000,000 c. P400,000
Trade Cash b. P1,000,000 d. P 0
Objective Generate sales Encourage prompt
payment 40. On Jan. 1, 2022, Pastille Corp. signed a three-year
Accounting Not recorded Recorded using noncancelable purchase contract, which allows Pastille
separately either Gross or Net to purchase up to 500,000 units of a computer part
(Purchases/Sales method annually from Pyramid Supply Co. at P10 per unit and
net of trade guarantees a minimum annual purchase of 100,000
discount) units. During 2022, the part unexpectedly became
obsolete. Pastille had 250,000 units of this inventory
at Dec. 31, 2022, and believes these parts can be sold
Gross and Net method of recording purchases as scrap for P2 per unit. What amount of probable loss
from the purchase commitment should Pastille report
Gross Net in its 2022 profit or loss?
Cash Deducted from Deducted from a. P2,400,000 c. P1,600,000
discounts purchases/cost of purchases/cost of b. P2,000,000 d. P 800,000
inventory when inventory whether
taken taken or not 41. Which is not a required disclosure for inventories in
accordance with PAS 2?
Cash Deducted from Not accounted for a. The accounting policies adopted in measuring
discounts purchases/cost of separately since inventories.
taken inventory (purchase already deducted b. The carrying amount of inventories carried at fair
discounts) from purchases value less costs to sell
c. The amount of inventories recognized as an
Cash Included in Reported as other expense during the period
discounts purchases/cost of expense d. The fair value of inventories
not taken inventory (purchase
discounts lost) 42. Which is not a required disclosure for inventories in
accordance with PAS 2?
a. Inventory costing methods employed.
b. Inventory composition.
c. Inventory financing arrangements.
d. Inventory location.

- done -

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EXCEL PROFESSIONAL SERVICES, INC.

ILLUSTRATIVE PROBLEMS

PROBLEM NO. 1 - Items considered as inventories

1. Dogs that a pet shop buys from breeders that it then sells
_______ 2. Cryptocurrencies for sale in the ordinary course of business
_______ 3. Lubricants that are consumed by an entity’s machinery in producing goods
4. Plant held for sale
5. Materials on hand
6. Materials in transit shipped FOB shipping point
7. Materials in transit shipped FOB destination
8. Advances for materials ordered
9. Goods in process
10. Finished goods in factory
11. Finished goods in company-owned retail stores
12. Finished goods in hands of consignees
13. Goods held on consignment
14. Finished goods in transit to customers, shipped FOB seller
15. Finished goods in transit to customers, shipped FOB buyer
16. Unsalable finished goods
17. Office supplies
18. Advertising catalogs and shipping boxes
19. Land held for sale in the ordinary course of business
20. Land and building for rental to others

REQUIRED:

YES OR NO. Write YES if the item is considered as inventories. If not, write NO.

ANSWERS:

1. YES
2. YES
3. YES
4. NO
5. YES
6. YES
7. NO
8. NO
9. YES
10. YES
11. YES
12. YES
13. NO
14. NO
15. YES
16. NO
17. NO
18. NO
19. YES
20. NO

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EXCEL PROFESSIONAL SERVICES, INC.

PROBLEM NO. 2 - Cost flow assumptions

The following information has been extracted from the records of Praktis Corporation about one of its products.
Date No. of Units Unit Cost Total Cost
January 1 Beginning balance 1,600 P14.00 P22,400
January 6 Purchased 600 14.10 8,460
February 5 Sold @ P24.00 per unit 2,000
March 19 Purchased 2,200 14.70 32,340
March 24 Purchase returns 160 14.70 2,352
April 10 Sold @ P24.20 per unit 1,400
June 22 Purchased 16,800 15.00 252,000
July 31 Sold @ P26.50 per unit 3,600
August 4 Sales returns @ P26.50 per unit 40
September 4 Sold @ P27.00 per unit 7,000
November 15 Purchased 1,000 16.00 16,000
December 28 Sold @ P30.00 per unit 6,200

REQUIRED:
Compute for the closing inventory under each of the following pricing methods. (Round unit costs to two decimal places.)
1. FIFO – Periodic 3. Weighted average - Periodic
2. FIFO – Perpetual 4. Weighted average – Perpetual (Moving average)

SOLUTION:

FIFO – Periodic
From November 15 purchases (1,000 units x P16.00) - P16,000
From June 22 purchases (880 units x P15.00) - 13,200
Total P29,200

FIFO – Perpetual
Purchases Sales Balance
Unit Unit Unit
Units Cost Total Cost Units Cost Total Cost Units Cost Total Cost
Jan. 1 1,600 14.00 22,400
Jan. 6 600 14.10 8,460 1,600 14.00 22,400
600 14.10 8,460
2,200 30,860
Feb. 5 1,600 14.00 22,400
400 14.10 5,640 200 14.10 2,820
Mar. 19 2,200 14.70 32,340 200 14.10 2,820
2,200 14.70 32,340
2,400 35,160
Mar. 24 (160) 14.70 (2,352) 200 14.10 2,820
2,040 14.70 29,988
2,240 32,808
Apr. 10 200 14.10 2,820
1,200 14.70 17,640 840 14.70 12,348
Jun. 22 16,800 15.00 252,000 840 14.70 12,348
16,800 15.00 252,000
17,640 264,348
Jul. 31 840 14.70 12,348
2,760 15.00 41,400 14,040 15.00 210,600
Aug. 4 (40) 15.00 (600) 14,080 15.00 211,200
Sep. 4 7,000 15.00 105,000 7,080 15.00 106,200
Nov. 15 1,000 16.00 16,000 7,080 15.00 106,200
1,000 16.00 16,000
8,080 122,200
Dec. 28 6,200 15.00 93,000 880 15.00 13,200
1,000 16.00 16,000
1,880 29,200

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EXCEL PROFESSIONAL SERVICES, INC.

Average – Periodic
Total cost (1,880 units x P14.92) - P28,050

Weighted average unit cost (P328,848/22,040 units) - P14.92

Average – Perpetual (Moving average)

Purchases Sales Balance
Unit Unit Unit
Units Cost Total Cost Units Cost Total Cost Units Cost Total Cost
Jan. 1 1,600 14.00 22,400
Jan. 6 600 14.10 8,460 1,600 14.00 22,400
600 14.10 8,460
2,200 14.03 30,860
Feb. 5 2,000 14.03 28,060 200 14.03 2,800
Mar. 19 2,200 14.70 32,340 200 14.03 2,800
2,200 14.70 32,340
2,400 14.64 35,140
Mar. 24 (160) 14.70 (2,352) 200 14.03 2,800
2,040 14.70 29,988
2,240 14.64 32,788
Apr. 10 1,400 14.64 20,496 840 14.64 12,292
Jun. 22 16,800 15.00 252,000 840 14.64 12,292
16,800 15.00 252,000
17,640 14.98 264,292
Jul. 31 3,600 14.98 53,928 14,040 14.98 210,364
Aug. 4 (40) 14.98 (599) 14,080 14.98 210,963
Sep. 4 7,000 14.98 104,860 7,080 14.98 106,103
Nov. 16 1,000 16.00 16,000 7,080 14.98 106,103
1,000 16.00 16,000
8,080 15.11 122,103
Dec. 28 6,200 15.11 93,682 1,880 15.11 28,421

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