PEER REVIEW FORM

(One sheet per team, to be submitted BY TEAM LEADER with the assignment)

Ø In Table 1, please put the team member’s names as indicated (leave some cells blank if you only have less people in your team).
Ø Give a mark (out of 100) to each of your teammates for his/her participation in this assignment in Table 2.
Ø Each team member is requested to respect his/her teammates’ decision and not to harass him/her during this peer review process. Also, all team members need to sign this form to indicate their consent and agreement.

Group: 5 – Class: PA-T124WSB-2 – Course: Principles of Accounting

Table 1: List of group members
No. Student ID Full name
1 23005552 Trần Thy Trung Tín
2 23006158 Trương Khắc Toàn
3 23005270 Trần Ngọc Hân
4 23004848 Đặng Xuân Mai
5 23004936 Lê Hoàng Dung
6 23003927 Nguyễn Trần Mỹ Anh
7 23005385 Nguyễn Ngọc Minh Anh

Table 2: The contribution of each member

Contribution Contribution Contribution Contribution Contribution Contribution Contribution
Name (%) (%) (%) (%) (%) (%) (%)
(Trần Thy Trung Tín) (Nguyễn Ngọc Minh Anh) (Trương Khắc Toàn) (Đặng Xuân Mai) (Trần Ngọc Hân) (Lê Hoàng Dung) (Nguyễn Trần Mỹ Anh)
Trần Thy Trung Tín 100 100 100 100 100 100 100
Trương Khắc Toàn 100 100 100 100 100 100 100
Trần Ngọc Hân 100 100 100 100 100 100 100
Đặng Xuân Mai 100 100 100 100 100 100 100
Lê Hoàng Dung 100 100 100 100 100 100 100
Nguyễn Ngọc Minh Anh 100 100 100 100 100 100 100
Nguyễn Trần Mỹ Anh 100 100 100 100 100 100 100
Average 100 100 100 100 100 100 100
Signature Minh Anh

PART A:
1. Identify which of the following costs of a product manufacturer would be included in inventories:

Item Yes/No
Salaries of assembly line workers No
Raw materials Yes
Heating cost for the factory Yes
Miscellaneous supplies used in production process Yes
Salary of the CEO No
Costs to ship raw materials from the supplier to the factory No
Electricity cost for the factory Yes
Electricity cost for the administration office No
Salaries of the sales team No
Depreciation of factory machines Yes
Discounts for early payment of raw material purchases No

2. Prepare the journal entries to record these transactions on the books of Company R using a perpetual inventory system.

Company R
Journal Entries
(Perpetual Inventory System)
Date Account Debit Credit
Jan 3 Accounts Receivable 570,000
Sales 570,000
(To record Merchandising sold on account, terms 1/10,n/30)
Cost of goods sold ( 350,000)
Merchandise Inventory ( 350,000)
(To record cost of Merchandise sold)
Jan 8 Sales Returns and Allowances ( 20,000)
Accounts Receivable ( 20,000)
(To record allowances Granted to Frazier Co.)
 Jan 13 Sales Discount ( 11,000)
Cash ( 539,000)
Account Recievable ( 550,000)
(To record received cash within period)

PART B:
a) Perpetual inventory system: FIFO, LIFO, WAC

FIFO WAC LIFO

Quantity Unit price Value Quantity Unit price Value Quantity Unit price Value
Jan-01 Inventory opening balance ( 800) ( 40) ( 32,000) ( 800) ( 40) 32,000 ( 800) ( 40) 32,000

Jan-08 Inventory sold ( 600) ( 40) ( 24,000) ( 600) ( 40) 24,000 ( 600) ( 40) 24,000
Inventory balance ( 200) ( 40) ( 8,000) ( 200) ( 40) 8,000 ( 200) ( 40) 8,000

Jan-14 Inventory purchased ( 1,200) ( 50) ( 60,000) ( 1,200) ( 50) 60,000 ( 1,200) ( 50) 60,000
Inventory balance ( 1,400) ( 68,000) ( 1,400) ( 48.57) 68,000 ( 1,400) 68,000
In which, ( 200) ( 40) ( 8,000) ( 200) ( 40) 8,000
( 1,200) ( 50) ( 60,000) ( 1,200) ( 50) 60,000

Jan-30 Inventory sold ( 1,080) ( 52,000) ( 1,080) ( 48.57) 52,457 ( 1,080) ( 50) 54,000
In which, ( 200) ( 40) ( 8,000)
( 880) ( 50) ( 44,000)
Inventory balance ( 320) ( 50) ( 16,000) ( 320) ( 48.57) 15,543 14,000
In which, ( 200) 40 8,000
( 120) 50 6,000

COGS in Jan = ( 76,000) < COGS in Jan = ( 76,457) < COGS in Jan = ( 78,000)
Inflationary economy Ending balance as at 31/1 ( 16,000) > Ending balance as at 31/1 ( 15,543) > Ending balance as at 31/1 ( 14,000)

COGS in Jan = > COGS in Jan = > COGS in Jan =

⇒ Deflationary economy Ending balance as at 31/1 < Ending balance as at 31/1 < Ending balance as at 31/1

b) Periodic inventory system: FIFO, LIFO, WAC (assuming that Company A counts its inventory at the end of each month)
FIFO WAC LIFO
Quantity Unit price Value Quantity Unit price Value Quantity Unit price Value
Jan-01 Inventory opening balance
Quantity of inventory purchased in Jan-14 1,200 50 60,000 1,200 50 60000 1,200 50 60000
Total inventory available for sale in Jan ( 1,200) ( 60,000) ( 1,200) ( 60,000) ( 1,200) ( 60,000)

Quantity of inventory sold in Jan 1680 1680 1680

COGS ( 1,680) ( 44,000) < ( 1,680) ( 50.00) ( 84,000) < ( 1,680) ( 79,200)
Inflationary In which, ( 800) ( - ) ( 1,200) 50 ( 60,000)
economy ( 880) ( 50) ( 44,000) ( 480) 40 ( 19,200)
Inventory ending balance ( (480) ( 50) ( (24,000) > ( (480) ( 50.00) ( (24,000) > ( (480) 40 ( (19,200)
In which, ( 320) ( 50) ( 16,000) ( 320) ( - )

Deflationary COGS > >

economy Inventory ending balance < <