every time there is a movement of inventory). If you use the basic or retailers turnover methods of flat rate accounting, you can claim relief on eligible supplies at the standard rate of VAT, rather than the flat rate. Using the right method can help ensure that your small business meets customer needs by having products available when customers want them while maximizing profits. For more information about sending VAT returns and payment read section 21 in VAT guide (VAT Notice 700). VAT Notice 700/1: should I be registered for VAT? If you use the Flat Rate Scheme and Annual Accounting Scheme together, then you must pay electronically. This means that the cost of goods sold will be neither excessively high nor low in a period of price inflation, making this method representative of the actual cost of the items stored in inventory. Recalculating the average cost again resulted in an average cost of $31.24 per unit. The sum of these two amounts (less a rounding error) equals the total actual cost of all purchases and beginning inventory. The general rules about payments in kind are in VAT guide (VAT Notice 700). 1999-2022, Rice University. If you share with the seller (directly or indirectly) the profit on resale, use or disposal of the imported goods, you must add the sellers share to the price paid. WebHow To Figure Cost of Goods Sold. Journal entries are not shown, but the following discussion provides the information that would be used in recording the necessary journal entries. The company bought 225 more units for $27 per unit. Lines 9a Through 9f. you become eligible to join an existing VAT group treatment, or register in the name of divisions. The weighted average cost method is one of three approaches of valuing your businesses inventory stock and determines the average cost of all inventory items based on the individual costs and the quantity of each item held in stock. The company bought 225 more units for $27 per unit. The scheme is for businesses with a turnover of no more than 150,000 a year, excluding VAT. When applying perpetual inventory updating, a second entry would be made at the same time to record the cost of the item based on the AVG costing assumptions, which would be shifted from merchandise inventory (an asset) to cost of goods sold (an expense). Operating costs are expenses associated with the maintenance and administration of a business on a day-to-day basis. If there is a match or a close fit, you can use that sector. Find more information in Buyer and seller related general information. HMRC will agree to a date in the previous accounting period if you have not already submitted your return under the Flat Rate Scheme. Theyre a limited cost business and so use the flat rate of 16.5% from that date. You may leave out buying commission or brokerage fees paid to your agent for representing you outside the UK in buying imported goods, providing the commission is shown separately from the price paid or payable for the goods. You can ask us to agree to a valuation simplification procedure for establishing an appropriate amount to add or exclude at the time of entry. You can deduct from the price you pay any included Customs Duty or other taxes which are payable in the UK because of the importation or sale of the goods. Method of cost using standard costs provides better visibility and chances to improve the performance, as the variances can be useful to identify the issues in the production and manufacturing process. Variable cost changes proportionately to the level of output. The price to make or buy a product to resell can vary during the year. This is because the Flat Rate Scheme calculates VAT on the total received for your sale rather than on the margin. Different industries adopt different methods of ascertaining costs of their products depending on the nature of the production and the type of output. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license), LIFO Costing Assumption Cost of Goods Purchased, Cost of Goods Sold, and Cost of Inventory Remaining. in the 12 months before your application you have either: accepted a compound penalty offer or been convicted of an offence in connection with VAT, been assessed with a penalty for conduct involving dishonesty. Before you start youll need some basic information, use the information that relates to your most recent VAT return period. What is the journal entry to record the cost of goods sold at the end of the accounting period? A business has a flat rate turnover of 10,000 a quarter. Cost of Goods Sold / Average Inventory = Inventory Turnover Ratio. The following steps explain how you make the adjustment. The relevant goods figure is 80, the amount spent in the last month. If you do not hear from HMRC within 30 calendar days, contact HMRC where you sent the application to check that it has been received. Businesses use the weighted average to determine the amount that goes into the inventory and the cost of goods sold (COGS). You need to apportion the amount between the services performed before 1 April 2017 and the services performed after 1 April 2017. We accept that contracts may be verbal as well as written. But you will not be eligible to rejoin for a period of 12 months. HMRC may withdraw the scheme at any time for the protection of the revenue. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license), Specific Identification Perpetual Cost Allocations Gross Margin. You must still issue VAT invoices to your VAT-registered customers. They will not normally allow you to go back and use the scheme for periods for which you have already calculated your VAT liability. Lines 9a Through 9f. The last transaction was an additional purchase of 210 units for $33 per unit. In general, moving to the normal VAT rules is straightforward but in some circumstances you may need to make extra adjustments to make sure your VAT returns are accurate, this table gives details. Optional safe harbor method. Any business that leaves the Flat Rate Scheme and immediately starts to use the Cash Accounting Scheme should apply the appropriate flat rate percentage to any supplies made while part of the Flat Rate Scheme when payment for those supplies is received. Hence, the balance of the inventory on the balance sheet will not be updated either as there will be no recording of a $1,000 reduction of inventory balance yet. Introduction 1.1 What this notice is about. The sale from company A to company B is a sale for export but its not the last sale before the goods were brought into the UK. After the goods arrive in the UK, company C sells the goods to company D which is the importer. Under the perpetual inventory system, we can make the journal entry to record a $1,500 sales revenue and a $1,000 cost of goods sold on January 31 as below: In this journal entry, the cost of goods sold increases by $1,000 while the inventory balance is reduced by $1,000. The average cost method assigns inventory costs by calculating a moving average of all inventory purchase costs. She has no cakes at the beginning of April. To find the amount of duty included in the invoice price, use the formula: Duty inclusive invoice price multiplied by the duty rate divided by (100 plus the duty rate). Note: For simplicity of demonstration, beginning inventory cost is assumed to be $21 per unit for all cost assumption methods. If you need general help with this notice or have another question contact the VAT helpline or make a VAT enquiry online. Trade discounts. The flat rate you use depends on the business sector that you belong in. This is because the real economic value for the imported goods cannot be assured at the time when they are sold for export to the UK. You will cease be eligible to use the scheme if the total value of your income for the year ending is more than 230,000. Some examples of payments that you may receive that are net of deductions are: where commission or payment for expenses has been deducted by a factor or agent collecting money on your behalf. Deductions and exemptions The share of total income and federal, state and local taxes paid by income group. the value of your stock has increased while you have been on the scheme. If the introduction of a new flat rate coincides with the day you would otherwise make a change to your business under the rules in paragraph 4.10, you should make the change as normal but use the new flat rate. ERP, FRM, GARP and Global Association of Risk Professionals are trademarks owned by the Global Association of Risk Professionals, Inc. CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by EduPristine. This is the sale to use under Method 1. The Average Cost Method to value the cost of ending inventory takes into consideration the average cost of items available for sale.This means that the units under costs of goods sold and the closing inventory are taken at the average cost so calculated. Cost of Goods Sold Example #3. Hillary runs a cake shop. you must do 2 calculations when you complete your next VAT Return, the first calculation will be for the portion of the period you used the scheme, the other calculation will be for the rest of the period, using normal VAT rules. Average Cost Formula = Total Cost of Production / Number of Units Produced. In other words, the price paid or payable net of these discounts is acceptable. This section has force of law under VAT Regulations 1995, regulations 55A to 55V, 57A and 69A. If you sell a significant proportion of second-hand goods using margin schemes or the Auctioneers Scheme, the Flat Rate Scheme will be of limited value to your business. The breakeven point in a business is the point at which a business begins to make a profit. It is being marketed to parents of middle school and high school students as a safety measure. Include it in your VAT account in your next return. If you want to leave a retail scheme to join the Flat Rate Scheme, you will need to follow the rules about ceasing to use the retail scheme in Retail schemes (VAT Notice 727). Moving-average cost. How to calculate inventory weighted average cost. COGS is also used to calculate gross margin. This is more than 2% of the flat rate turnover and more than 166 so the rate they need to use is the sector rate for their business. This and other unethical short-term accounting decisions made by Petersen and Knapp led to the bankruptcy of the company they were supposed to oversee and resulted in fraud charges from the SEC. If you use the cash turnover method of accounting you may be eligible for bad debt relief if you have: If you meet all these conditions, your claim will be for the difference between the VAT you charged to your customer and the amount you would have declared to HMRC had you been paid. You can ask an independent Tribunal to decide the matter if: There is more information about what to do if you disagree with an HMRC decision. For more information check How to calculate the customs value if youre a selling agent. Utmost care has been taken to ensure that there is no copyright violation or infringement in any of our content. SEC Charges Former Executives with Accounting Fraud and Other Accounting Failures. October 6, 2015. https://www.sec.gov/news/pressrelease/2015-234.html. You should then apply the appropriate flat rate percentage to the total. No further action is necessary. US CPA is another course that provides global recognition to the candidates. It is generally named as the cost of goods sold which includes all the direct costs related to generating revenue. You will not be entitled to apply the 1% reduction if you register for VAT 12 months after you were required to do so. Is based in Northern Ireland and sells services to member states of the EU. For Us CPA details like US CPA eligibility, US CPA duration, US CPA fees, US CPA scope read more. This means that there will be less of an impact in the COGS by higher costs when purchasing inventory. Cost sheet is prepared on the basis of historical cost and estimated cost. Handling Inventory Cost Changes. If you cannot make an appropriate addition, Method 1 cannot be used. It indicates per unit cost in addition to total cost. In this lesson we're going to look at all three Because of the choice to apply perpetual inventory updating, a second entry made at the same time would record the cost of the item based on the actual cost of the items, which would be shifted from merchandise inventory (an asset) to cost of goods sold (an expense). If youre not VAT registered when you apply for the scheme, you may forecast your turnover by looking at: If your forecast turns out to be too low, we will not penalise you provided there were reasonable grounds for what you forecast. After the initial decrease, the marginal cost Marginal Cost Marginal cost formula helps in calculating the value of increase or decrease of the total production cost of the company during the period under consideration if there is a change in output by one extra unit. Paying too little could mean that youre faced with an unexpected VAT bill at a later date. Activity ratios measure a firm's ability to convert different accounts within its balance sheets into cash or sales. When applying perpetual inventory updating, a second entry made at the same time would record the cost of the item based on FIFO, which would be shifted from merchandise inventory (an asset) to cost of goods sold (an expense). Inventory Valuation Methods Inventories can be valued at: Cost, You must keep copies of all sales invoices that you issue to your VAT-registered customers. It spends 325 on relevant goods. HMRC will not change your choice of sector at a later date as long as your choice was reasonable. Each time a product is sold, a revenue entry would be made to record the sales revenue and the corresponding accounts receivable or cash from the sale. Likewise, we can view the updated outstanding balance of inventory on the balance sheet as well as the updated figures of the cost of goods sold in the income statement if we use an accounting system such as QuickBooks. Filers of Form 1120, 1120-C, 1120S, and 1065, enter cost of goods sold on page 1, line 2. The next paragraph has force of law under VAT Regulations 1995, regulations 55A to 55V, 57A and 69A. The benefit of this method is that management can keep track of tasks that cost the most versus which add the most value; indicating any disproportionate amount of money being spent on low-value activities, thereby indicating the need for process change. When the number of inventory items purchased at the oldest cost is sold, the next oldest cost is assigned to sales. In this demonstration, assume that some sales were made by specifically tracked goods that are part of a lot, as previously stated for this method. You must include 3,000 in your VAT Return for the period in which 1 January 2017 falls and 9,000 in your return for the period in which 1 April 2017 falls. WebAn advantage of the weighted average method under a periodic inventory system is that it: smooths out erratic changes in costs. Before you try Method 1 you must first have read Prepare to work out the customs value of your imported goods.. Transaction value. This means that you will not usually be able to use Method 1 with a margin-based transfer pricing model. A business becomes liable to be registered for VAT on 1 April 2009 but HMRC does not become aware of this liability until 1 September 2009. The included duty must be the last item you deduct from the price. Special rules apply if youre a member of organisations such as Interflora, Teleflorist or Flowergram. This email address is for valuation simplification requests only. This means that the inventory balance decreased by $10,000 compared to the previous year. Cost of Goods Sold Example #3. you must account for VAT on these acquisitions in box 2 of your VAT return. Step 5 Claim the VAT calculated at Step 4 in the VAT recoverable portion of your VAT account in the first return you make after leaving the Flat Rate Scheme. Average Cost. The cost of goods sold, inventory, and gross margin shown in Figure 10.19 were determined from the previously-stated data, particular to perpetual, AVG costing. If you have appealed about HMRCs decision to withdraw or refuse use of the scheme, you must not use the scheme until your appeal is resolved. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license), FIFO Costing Assumption Cost of Goods Purchased, Cost of Goods Sold, and Cost of Inventory Remaining. You receive a payment on 1 March 2017 for a service which is to be performed in December. They must put in place a system that monitors the input tax claimed for common expenses. In this lesson we're going to look at all three methods with examples. And, we can make the journal entry to record the cost of goods sold as below instead: In this example, the inventory balance increases by $15,000 compared to the previous year. Choose the sector for which your business gets the greater part of its turnover. Cost of goods sold (COGS) may be one of the most important accounting terms for business leaders to know. Company B then sells these goods for 1,200 to Company C that is based in the UK. If you wish to remain on the scheme in those circumstances, apply in writing to the National Registration Unit. Average cost method. The low cost business rate came into force on 1 April 2017. The specific identification costing assumption tracks inventory items individually so that, when they are sold, the exact cost of the item is used to offset the revenue from the sale. In the second period the turnover used is the amount received in the final 2 months, 6,000. All rights reserved. This is more than 2% of the flat rate turnover but less than 250 so the rate they need to use is 16.5%. If you meet the requirements again, you can rejoin. youre, or within the past 24 months have been, registered for VAT in the name of either a: youre, or within the past 24 months have been, eligible to join an existing VAT group treatment (read paragraph 3.7), your business is associated with another one in the special way explained in paragraph 3.8, one business is under the main influence of another, 2 businesses are closely bound by financial, economic and organisational links or another company has the right to give directions to you, in practice your company repeatedly complies with the directions of another the test here is a test of the commercial reality rather than of the legal form, your relevant turnover this is explained in section 6, the cost of goods goods must be used exclusively for the purpose of your business and certain goods are excluded from this test, this is explained in paragraph 4.6, less than 2% of your VAT flat rate turnover, greater than 2% of your VAT flat rate turnover but less than 1,000 per year, 30 April 2017 the portion of 1,000 that falls in the second period is 83, 31 May 2017 the portion of 1,000 that falls in the second period is 166, vehicle costs including fuel, unless youre operating in the transport sector using your own, or a leased vehicle, capital expenditure goods of any value (read paragraph 15), goods for resale, leasing, letting or hiring out if your main business activity does not ordinarily consist of selling, leasing, letting or hiring out such goods, goods that you intend to re-sell or hire out, unless selling or hiring is your main business activity, goods for disposal such as promotional items, gifts or donations, stationery and other office supplies to be used exclusively for the business, gas and electricity used exclusively for your business, cleaning products to be used exclusively for the business, hair products to use to provide hairdressing services, goods provided by a subcontractor and itemised separately, goods brought into the UK if they are not otherwise excluded, goods bought without VAT being charged, if they are not otherwise excluded, an item leased or hired to your business, this counts as services, as ownership will never transfer to your business, goods not used exclusively for the purposes of your business, for example electricity to supply a home and an office located in the home, food and drink for you or your staff, these are excluded goods, fuel for a car this is excluded unless operating in the transport sector using your own, or a leased vehicle, electronic devices, such as a laptop or mobile phone for use by the business, this is excluded as it is capital expenditure (read paragraph 15.1), anything provided electronically, for example, a downloaded magazine, these are services, software designed specifically for you (bespoke software), this is a service even if it is not supplied electronically, goods which are bought solely to meet the test, as these would not be used exclusively for the purposes of your business, for example, if the quantity of goods being bought cannot reasonably be used by the business and are simply stockpiled or thrown away, even if the business may normally use those items is smaller quantities such as office materials, stamps and other postage costs, these are payments for services, business name use your normal business name, however if youre already registered for VAT, this should be the name on your VAT Certificate of Registration, business address this is your principal place of business, however if youre already registered for VAT, this should be the address on your VAT Certificate of Registration, phone number you do not have to give this, but it may help HMRC to process your application more quickly if they can phone you to clear up questions about your application, VAT registration number if you have not been advised of a VAT registration number, leave this blank. It is generally named as the cost of goods sold which includes all the direct costs related to generating revenue. For example 80 is added to the VAT deductible portion of your VAT account and creates a claim or reduces the VAT payable. This is more than 2% of the flat rate turnover but less than 83 so the rate they need to use is 16.5%. This method doesnt value purchase or manufacturing dates to determine sales orders. Businesses with a turnover up to 150,000 are issued with a letter offering help and advice on how to avoid late returns and payments the first time they pay late. If youre a limited cost trader this means that you may pay more VAT than you do on standard accounting you may want to check to make sure the Flat Rate Scheme is still right for you. For example, a manufacturer may decide to expand capacity in tandem to the increase in demand for its product, requiring a higher level of expenditure on plant and equipment. Method One. One way you can do this is by applying the tests for comparison purposes. If you do claim VAT on capital assets on hand at registration and dispose of them later, you must account for VAT at the standard rate of VAT under the normal VAT rules. You must include 3,000 in your VAT return for the period in which 1 January 2017 falls and 9,000 in your return for the period in which 1 April 2017 falls. For example 20,000 - 10,000 = 10,000, Step 4 - Multiply the result of Step 3 by the standard rate of VAT. The cost of goods sold, which is often referred to as COGS or cost of sales, is a business expense consisting of the direct costs associated with producing or acquiring the goods sold by a company. To work out your flat rate turnover, you then add to your takings any other items of income your business receives, including those from outside the retail environment. If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense. This is the price paid or payable by the buyer to the seller for the goods when they are sold for export to the UK. Here are some reasons why companies use average fixed cost: Measure breakeven. called deductions. Donation of inventory. Handling Inventory Cost Changes. Before you try Method 1 you must first have read Prepare to work out the customs value of your imported goods. WebThe cost of goods sold is presented in the income statement after revenue. This more specific information allows better control, greater accountability, increased efficiency, and overall quality monitoring of goods in inventory. She has no cakes at the beginning of April. Each of these methods apply to different production and decision environments. These figures include VAT inclusive income of all taxable and exempt supplies. This must be the last sale for export to the UK. You may be able to balance this adjustment with a claim for relief for stocks on hand (paragraph 12.8), or a claim for bad debts (section 14). When the output comprises different assembled parts like in televisions, cars or electronic gadgets, cost has to be ascertained for the component as well as the finished product. It will take only 2 minutes to fill in. Normally, capital goods are those goods which are bought to be used in the business but are not used up by it, except through normal wear and tear over a number of years for example a van, a computer or a bottling machine but not the fuel, printer paper or bottles that go into them. WebCost of goods sold is deducted from your gross receipts to figure your gross profit for the year. For example, if you provide the seller with engineering and plans undertaken in the UK, this does not prevent you using Method 1. It is also called the single output costing. If you submit annual returns this will cover a full year. Different industries adopt different methods of ascertaining costs of their products. Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. Once those units were sold, there remained 30 more units of the inventory, which still had a $21 average cost. Youll need to complete each section of the form. If youre a limited cost business, you should use the flat rate of 16.5%. The original cost of merchandise goods was $1,000 in the inventory balance on the balance sheet. The cost of goods sold, inventory, and gross margin shown in Figure 10.15 were determined from the previously-stated data, particular to perpetual FIFO costing. Computation of cost of goods sold (COGS) for July 31, 2016 under average cost method: Cost of goods sold (COGS) = 1,400 $23.70 = $33,180. It is generally named as the cost of goods sold which includes all the direct costs related to generating revenue. Practicing ethical short-term decision making may have prevented both scenarios. If the taxi part of the business expects to generate turnover of 40,000 (including VAT) in the next year, and the car repair part of the business expects to generate turnover (including VAT) of 15,000 in the next year, the business should apply the flat rate percentage for a taxi business to the total VAT inclusive turnover for both parts of the business. If you make errors on your VAT return, then you may be liable to a misdeclaration penalty as well as being assessed for any VAT and default interest due. Here well demonstrate the mechanics implemented when using perpetual inventory systems in inventory accounting, whether those calculations are orchestrated in a laborious manual system or electronically (in the latter, the inventory accounting operates effortlessly behind the scenes but nonetheless utilizes the same perpetual methodology). The letter will tell you the date you can start to use the scheme. However, if HMRC is satisfied that the total value of your income in the next 12 months will not exceed 191,500, you may be eligible to remain in the scheme. US CMA is a globally recognized qualification and one of the top courses for mastering Management Accounting. Information regarding the trade sectors and flat rate percentages can be found in VAT Flat Rate Scheme Flat rates for types of business. Figure 10.18 shows the gross margin resulting from the LIFO perpetual cost allocations of $7,380. As the business has been registered for VAT for more than 12 months, it cannot apply the 1% reduction to its flat rate percentage. Visit this Amazon inventory video for a little insight into some of the inventory challenges experienced by retail giant Amazon to learn more. The last transaction was an additional purchase of 210 units for $33 per unit. In this case, the inventory balance has increased instead by $15,000 ($65,000 $50,000) and we can calculate the cost of goods sold to be as below instead: Cost of goods sold = $50,000 + $200,000 $65,000 = $185,000. In this case, we can make the journal entry to record the cost of goods sold by debiting the cost of goods sold account and crediting the purchases account and inventory account if the inventory balance decreases compared to the beginning inventory. You receive a supply of goods (including by import or acquisition) if the exclusive ownership of moveable items is passed to you from another person. Cost of goods sold in a service business. Example: Repair of buildings, Painting etc. It is important to get this right. For The Spy Who Loves You, the first sale of 120 units is assumed to be the units from the beginning inventory (because this was the only lot of good available, so the price of these units also represents the average cost), which had cost $21 per unit, bringing the total cost of these units in the first sale to $2,520. Cost of goods sold is a narrower term when compared with the cost of sales. The outcomes for gross margin, under each of these different cost assumptions, is summarized in Figure 10.21. If the change in your business results in you becoming ineligible to use the Flat Rate Scheme you must write and tell HMRC and start accounting for VAT in the standard way. The work is spread evenly over the 4 months. The sale or price must not be dependent on conditions or considerations where you cannot work out their value in relation to the goods being valued. In this method, full costs i.e. The records need only be complete, orderly and easy to follow. The cost of ending inventory and the cost of goods sold are then set at this average cost. Each time a product is sold, a revenue entry would be made to record the sales revenue and the corresponding accounts receivable or cash from the sale. Cost of goods sold = $50,000 + $200,000 $40,000 = $210,000 1. The Average Cost Method to value the cost of ending inventory takes into consideration the average cost of items available for sale.This means that the units under costs of goods sold and the closing inventory are taken at the average cost so calculated. Explain your understanding of these issues. Demand for the product has spiked during the current fiscal period, while supply is limited, causing the selling price to escalate rapidly. Is based in Northern Ireland and buys goods from member states of the EU. Cost of goods sold is deducted from your gross receipts to figure your gross profit for the year. Additionally, if they withdraw the scheme because you were never eligible to use it, they will backdate the withdrawal to the time when you started to use the scheme and you will have to account normally for VAT from then. WebThus, the cost of goods sold under the LIFO method is $2,300. Company A sells the goods to company B. You may forecast this in any reasonable way. Cost of Goods Sold / Average Inventory = Inventory Turnover Ratio. Moving-average (unit) cost is a method of calculating ending inventory cost. Process costing:This is the accumulation of labor, material and overhead costs across departments or entities, with the total production cost then being allocated to individual units. You must check your turnover at least once a year on your anniversary of joining the scheme. The Flat Rate Scheme is a simpler method of working out the VAT you must pay to HMRC and so is unsuitable where you regularly receive repayments from HMRC. In a manufacturing company, the cost of goods sold includes the cost of raw materials, cost of labor as well as other overhead costs that are used to produce the goods. This method uses a weighted average to determine the amount of money that goes into COGS and inventory. This is because the flat rate includes an allowance for input tax which only occurs if you have been paid by your customer. If you receive a payment in the period starting with 24 November 2016 and ending on 31 March 2017 and the payment is in respect of services to be performed on or after 1 April 2017 the supplies of those services shall, to the extent covered by the payment, be treated as taking place on 1 April 2017 for the purposes of ascertaining your relevant turnover. You must account for output tax on your final VAT return for: If you use the cash based turnover method you must follow the rules at paragraph 9.6. Once those units were sold, there remained 30 more units of the beginning inventory. This includes overhead cost assignment and cost layering. Some common errors that are made on VAT returns are: It is expected that accounts for businesses who are using the scheme will be prepared using gross receipts, less the flat rate VAT percentage, for turnover and that expenses will include the irrecoverable input VAT. But, for businesses using the scheme, that record does not have to analyse gross, VAT and net separately. You should not use the limited cost business rate before this date. then you must include on every physical page the following attribution: If you are redistributing all or part of this book in a digital format, When we purchase the inventory, the purchased amount will go directly to the inventory account. Recalculating the average cost, after this purchase, is accomplished by dividing total cost of goods available for sale (which totaled $6,705 at that point) by the number of units held, which was 255 units, for an average cost of $26.29 per unit. For example use 20,000, Step 3 - Subtract the figure at Step 1 from the figure at Step 2. Source and Method. You can leave out dividend payments you make to the seller. According to Antonia Chion, Associate Director of the SECs Division of Enforcement, those who participate in such activities will be held accountable.5 For example, in 2015, the Securities and Exchange Commission (SEC) charged two former top executives of OCZ Technology Group Inc. for accounting failures.6 The SEC alleged that OCZs former CEO Ryan Petersen engaged in a scheme to materially inflate OCZs revenues and gross margins from 2010 to 2012, and that OCZs former chief financial officer Arthur Knapp participated in certain accounting, disclosure, and internal accounting controls failures. For details of eligibility to join a group read Group and divisional registration (VAT Notice 700/2). Average Cost. Cash Accounting Scheme (VAT Notice 731) gives information about the Cash Accounting Scheme. A transfer price may be used as the basis of a Method 1 value only if: When considering if a transfer price meets the requirements of Method 1, multi-national enterprises must justify their basis of value under customs valuation law. If youre a large business trader, you should send details to your Customer Compliance Manager (CCM). Line 8. If none of the barristers were using the scheme, they could have claimed 2,000.00 input tax. Under this method, costs are ascertained for each work order separately as each has its own specification and scope. Cost of goods sold in a service business. A business with a quarterly return ending 31 May 2017 has a turnover of 9,000 and relevant goods of 300. You can change your cookie settings at any time. the date your intention or expectation occurred. This means, an allowance for input tax is built into the flat rates. Dont worry we wont send you spam or share your email address with anyone. CFA Institute, CFA, and Chartered Financial Analyst are trademarks owned by CFA Institute. We use the perpetual inventory system in our company to manage the merchandise goods. Write to the office with whose decision you disagree saying why you disagree. Cost of goods sold in a service business. If you disagree with the final decision and want a review, you must: tell us within 30 days of the date of our letter, containers which are treated for customs purposes as being one with the goods being valued (that is not freight containers where their hire-cost forms part of the transport costs), are a condition of the sale to you of the imported goods, materials, components, parts and similar items incorporated in the imported goods including price tags, kimball tags, labels, tools, dies, moulds and similar items used in producing the imported goods, for example, tooling charges there are various ways of apportioning these charges, materials used up in the manufacture of the imported goods but that are not incorporated in them, for example, abrasives, lubricants, catalysts and reagents, engineering, development, artwork, design work and plans and sketches carried out outside the UK and necessary for producing the imported goods the cost of research and preliminary design sketches is not to be included, goods or services provided free of charge or at reduced cost by the buyer. For supplies of building and construction services you can check when you must use the VAT reverse charge for building and construction services. The work may be carried out before or after importation so long as it relates to the imported goods and the charge is shown separately from the price paid or payable for the goods. For more information check Delivery costs to include in the customs value. In addition, businesses may deduct most types of expenses incurred in the business. Normally, no significant adjustments are needed at the end of the period (before financial statements are prepared) since the inventory balance is maintained to continually parallel actual counts. Businesses use the weighted average to determine the amount that goes into the inventory and the cost of goods sold (COGS). We had a beginning inventory of $50,000 which was shown on last years balance sheet. Each time a product is sold, a revenue entry would be made to record the sales revenue and the corresponding accounts receivable or cash from the sale. Product: Global Positioning System (GPS) Tracking Device. If 30% of the input tax is apportioned to the 2 barristers on the Flat Rate Scheme, the chambers, through the nominated member of the common fund, can only claim 70% (1,400.00) of the VAT paid on the goods. This is because you can move from a limited cost rate of 16.5% in one period to your relevant sector rate in another. Bad debt relief arises if you account for and pay output tax on supplies for which youre not paid later. Regardless of which cost assumption is chosen, recording inventory sales using the perpetual method involves recording both the revenue and the cost from the transaction for each individual sale. The first transaction for 1,000 cannot be used. Barristers whose chambers use any of the methods of accounting for common expenses may use the scheme. You do not need to write to tell HMRC if you change to or from a limited cost business, read paragraph 4.4. Buying commission can be included in the value for VAT but only if the buyer, in the sale on which the customs value is based, is not registered for UK VAT. Capital expenditure goods in the Flat Rate Scheme are capital goods that would fall into the definition, but also specifically exclude any goods bought to: Nothing in this section allows a business using the Flat Rate Scheme to reclaim VAT on goods which it would not be able to claim under the normal VAT rules. If you use the Flat Rate Scheme, you do not recover input tax or VAT on imports or acquisitions, if your business is based in Northern Ireland. We also use cookies set by other sites to help us deliver content from their services. George B. Parizek and Madeleine V. Findley. Through this method only the variable cost is allocated i.e. If you are redistributing all or part of this book in a print format, This means that you claim the input tax in box 4 of your VAT return. Figure 10.16 shows the gross margin, resulting from the FIFO perpetual cost allocations of $7,200. This may also mean that your flat rate changes. The first-in, first-out method (FIFO) of cost allocation assumes that the earliest units purchased are also the first units sold. Our mission is to improve educational access and learning for everyone. Youll need to do this if your VAT return includes 1 April 2017 on a day other than the start date and youre a limited cost business at the end of the period. In this method costing is done for jobs that involve heavy expenditure and stretches over long period and across different sites. Lines 9a Through 9f. Cost of Goods Sold - COGS: Cost of goods sold (COGS) is the direct costs attributable to the production of the goods sold in a company. Cost of goods sold in the following year, year 2, will be overstated. Using the right method can help ensure that your small business meets customer needs by having products available when customers want them while maximizing profits. You cannot use the Flat Rate scheme with the following schemes. Thus, the cost of goods sold under the LIFO method is $2,300. The FIFO method assumes the first goods produced or purchased are the first sold, whereas the LIFO method assumes the most recent products produced or purchased are the first sold. Cost of Goods Sold = Beginning Inventory + Purchases during the year Ending Inventory; Cost of Goods Sold = $20000 + $5000 $15000; Average Cost: In this method, the average cost for all goods purchased is used, and based on the cost per product, the value of the cost of goods sold is estimated. COGS includes all of the direct costs involved in manufacturing products. UK tax law and customs law require prices in a multi-national enterprise to be set, for Corporation Tax and customs valuation purposes respectively, as if group members are not related. You should exclude them from your flat rate turnover but record the VAT due on any imports when recording the total VAT due in box 1 of your return, after you have completed your Flat Rate Scheme calculation. There must be no restrictions on the buyers disposal or use of the goods except for those which: Examples of restrictions which can be ignored when deciding if you can use Method 1: If there are any other restrictions on the buyers disposal or use of the goods then you cannot use Method 1. Apply the flat rate percentage to the VAT inclusive supplies for which you have been paid in the accounting period. Record VAT on your sales invoices using the normal rate for the supply (standard, reduced or zero rate or exempt) and not the flat rate percentage assigned to your trade sector. It allows you to apply a fixed flat rate percentage to your gross turnover to arrive at the VAT due. This would also lead to uncertainty with any later adjustments. In practice we are seeking assurance that you do not receive preferential treatment under the inter-company pricing arrangements because of your relationship with the seller. Try not to delay your application if you wish to use the scheme from your date of registration. Read Misdeclaration and repeat misdeclaration penalties (VAT Notice 700/42) penalty and Default interest (VAT Notice 700/43). The cash based turnover method is explain in section 9. In this method the costs are determined in terms of actual costs and not predetermined standard costs. Clearing agents may also sign these forms on behalf of the importer when authorised to do so. You only need to consider the following if you have issued an invoice or received a payment after 23 November 2016 and before 1 April 2017 in respect of a service to be performed on or after 1 April 2017. Purchase returns and allowances. Step 1 - Identify the VAT in the unpaid supply, for example total price = 1,200, VAT= 200, Step 2 - Calculate the VAT that would have been paid under the Flat Rate Scheme if your customer had paid you. WebFCIC. You can apply by post, phone or email, section 5 explains when and how to apply. If you cannot find the answer to your question in this notice, read in VAT guide (VAT Notice 700). For the example use 10,000, Step 2 - Work out the VAT exclusive value of stock on hand on which you will be unable to recover input tax after you stop using the Flat Rate Scheme. If you provide, directly or indirectly, you must include in the customs value any part of the cost or value not included in the price charged to you by the seller: If you make any payments (periodically or one off) to the seller for any of these goods and services, you must include the amounts in the customs value. You must write and tell HMRC about the change within 30 days of the date of the change. called deductions. In accounting, we usually need to make a journal entry to record the cost of goods sold after the sale of such goods or products if we use the perpetual inventory system in our company. It is calculated by dividing the change in the costs by the change in quantity. 2,000 recoverable from HMRC as a result of FRS stock adjustment. The average cost method uses the average cost of inventory without regard to when the products were made or purchased. This is because the flat rates are calculated to represent the net VAT you need to pay to HMRC. Cost of goods sold (COGS) may be one of the most important accounting terms for business leaders to know. You do not treat the service as being supplied on 1 March 2017. When purchase costs are (rising/declining) , LIFO will report the lowest cost of goods sold yielding the highest gross profit and net income. Hence, we debit the $15,000 to the inventory account instead of crediting it.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[580,400],'accountinguide_com-leader-3','ezslot_16',156,'0','0'])};__ez_fad_position('div-gpt-ad-accountinguide_com-leader-3-0'); It is useful to note that, unlike the periodic inventory system, we do not have the purchases account under the perpetual inventory system. For Us CMA details like US CMA eligibility, US CMA duration, US CMA fees, US CMA scope read more. Cost of sales is a much wider term when compared with the cost of goods sold. Misdeclaration and repeat misdeclaration penalties (VAT Notice 700/42), Point of Sale Retail Scheme (VAT Notice 727/3), Relief from VAT on bad debts (VAT Notice 700/18), customerexperience.indirecttaxes@hmrc.gov.uk, How to correct VAT errors and make adjustments or claims (VAT Notice 700/45), purchases services from outside the UK to which the reverse charge applies. Some of the sectors refer to more than one business type. If your business has been eligible to join a VAT group in the last 2 years, but is not eligible at the time you apply, HMRC can let you use the scheme if they agree in writing that your former eligibility is not a risk to the revenue. This section assumes youre the buyer of the goods. Similarly, when we make the sale, the inventory is immediately recorded as a decrease (credit) in the amount of its cost as it transfers to the cost of goods sold (debit) on the income statement. Introduction 1.1 What this notice is about. Average Cost Method. But in some circumstances, it will be the date you receive payment, or the date you complete a service or make goods available to your customer. It is clearly more trouble to calculate than other methods and doesnt really align with the natural flow of the merchandise, in most cases. Find out how to use the Flat Rate Scheme, who can use it and how to apply to join the scheme. Cost of Goods Sold Enter the amount from line 8 on your tax return as follows. if you pay amounts to third parties as an agent and debit your client with the precise amounts paid out, you may be able to treat them as disbursements. Except where otherwise noted, textbooks on this site Further, GARP is not responsible for any fees paid by the user to EduPristine nor is GARP responsible for any remuneration to any person or entity providing services to EduPristine. The following are examples of goods and services: If you intend, or expect, to buy such goods you must leave the Flat Rate Scheme and write and tell HMRC immediately. Hence, we usually see the cost of goods sold journal entry is made together with the sales revenue journal entry as below: For example, on January 31, we makes a $1,500 sale of merchandise inventory in cash to one of our customers. You do not have to add dividend payments you make to the seller to the price paid. fixed and variable costs are absorbed to the production. As an Amazon Associate we earn from qualifying purchases. The average cost method is when a company uses the average price of all goods in stock to calculate the beginning and ending inventory costs. Valuing goods can be complicated, so if youre not an importer or clearing agent you may want to get someone to deal with customs for you. The costs of transport, insurance, loading or handling connected with delivering the goods to the UK border must be included. If the limited cost business rate applies you must use this rate, read paragraph 4.4. Payments of selling commission and brokerage must be included. Once those units were sold, there remained 30 more units of beginning inventory. Process costing method analyzes the net cost of a manufacturing process. If youre related to the seller as explained in the Where the buyer and seller are related for valuation purposes section, the price paid or payable can be accepted under Method 1 if you can show that the relationship has not affected the price. If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense. the date you become eligible or registered in divisions. Review the balance between the parts of the business each year. Check benefits and financial support you can get, Limits on energy prices: Energy Price Guarantee, 3. Multiplying 1,100 by 10 then dividing it by (100 plus 10). The following steps may help you select the most appropriate sector for your business. It is mainly the extra cost associated with manufacturing one additional unit of production. The rate they need to use in the first period is the sector rate for their business. Filers of Form 1120, 1120-C, 1120S, and 1065, enter cost of goods sold on page 1, line 2. VAT groups are for incorporated businesses which are linked to other incorporated businesses by common control or ownership. You would use these rates if youre not a limited cost business, read paragraph 4.4. You must try Method 2 (transaction value of identical goods). Inventory Valuation Methods Inventories can be valued at: Cost, (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license), AVG Costing Assumption Cost of Goods Purchased, Cost of Goods Sold, and Cost of Inventory Remaining. Before you try Method 1 you must first have read Prepare to work out the customs value of your imported goods.. Transaction value. The weighted average method applies an average of the costs in inventory to the cost of goods sold. What average fixed cost is used for. In the method of costing using Actual costs, certain issues can be hidden by capitalizing them with the cost of the inventory. If the invoice or payment covers services to be performed in a period spanning 1 April 2017, an apportionment based on a fair and reasonable method should be made. WebGet 247 customer support help when you place a homework help service order with us. Using the right method can help ensure that your small business meets customer needs by having products available when customers want them while maximizing profits. They will specify the date of withdrawal in a notice of withdrawal. The weighted average method applies an average of the costs in inventory to the cost of goods sold. The return is split into 2 periods. Moving-average cost. The cost of goods sold valuation is the amount of goods sold times the weighted average cost per unit. Description: This product is an economical real-time GPS tracking device, designed for individuals who wish to monitor others whereabouts. Find a crop or livestock insurance agent in your area along with directions to their office. you become associated with another business in the way described in paragraph 3.8. you decide to account for VAT using the Second-hand Margin Scheme or the Auctioneers Scheme. The return is split into 2 periods. You can leave out management fees that you pay to the seller. you do not have to pay any road fuel scale charges since youre not reclaiming any input tax on the road fuel your business uses. On the other hand, if the ending inventory is more than the beginning inventory, it means the inventory has increased instead. News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports. you stop using the scheme in the middle of a VAT accounting period. The Flat Rate Scheme has its own retail based method that is very similar to ordinary retail schemes. Retrospective price adjustments do not meet the criteria for using valuation simplification. Method of cost using standard costs provides better visibility and chances to improve the performance, as the variances can be useful to identify the issues in the production and manufacturing process. You deal with these capital expenditure goods outside the Flat Rate Scheme. The rules are explained in Relief from VAT on bad debts (VAT Notice 700/18) and these will apply to you. Step 1 If your business will be a limited cost business your flat rate percentage will be 16.5% regardless of your sector (read paragraph 4.4). Cost of goods sold in the following year, year 2, will be overstated. As additional inventory is purchased during the period, the cost of those goods is added to the merchandise inventory account. Considerations for Cost of Goods Sold We would expect that most businesses will leave at the end of an accounting period. This is because its not the last sale before the goods were imported into the UK. 2) Should the order in which the items are actually sold determine which costs are used to offset sales revenues from those goods? It is also used in the Real estate business. If you want to know more section 3 explains the joining conditions in more detail. When purchase costs are (rising/declining) , LIFO will report the lowest cost of goods sold yielding the highest gross profit and net income. For details read Default surcharge (VAT Notice 700/50). For details of the rules for claims read VAT Notice 700/1: should I be registered for VAT?. It cannot apply the 1% reduction to its flat rate percentage. Moving-average cost. Youll need to read Domestic reverse charge procedure (VAT Notice 735) to find out when you need to apply the reverse charge for supplies of mobile phones, computer chips, emissions allowances, wholesale gas and electricity, wholesale electronic communications, renewable energy certificates. The price to make or buy a product to resell can vary during the year. This means that the cost of goods sold will be neither excessively high nor low in a period of price inflation, making this method representative of the actual cost of the items stored in inventory. Thus, the cost of goods sold under the LIFO method is $2,300. Apply the flat rate percentage for your business to the VAT inclusive total of the supplies that have their tax point in the VAT accounting period. Read the HMRC Charter to find out what you can expect from us and what we expect from you. This notice explains the Flat Rate Scheme, who can use it and how to apply to join. Activity-based costing (ABC) is a secondary / somewhat complementary method to the two traditional costing techniques. The business can apply the 1% reduction from the date it joins the Flat Rate Scheme until 31 March 2010. The main costing methods available are process costing, job costing and direct costing. You only need to consider the following if you have received a payment after 23 November 2016 and before 1 April 2017 in respect of a service to be performed on or after 1 April 2017. Ending inventory was made up of 75 units at $27 each, and 210 units at $33 each, for a total FIFO perpetual ending inventory value of $8,955. In the method of costing using Actual costs, certain issues can be hidden by capitalizing them with the cost of the inventory. You can change your cookie settings at any time. And the ending inventory is $10,000 ($50,000 $40,000) less than the beginning inventory. Is based in Northern Ireland and sells goods to member states of the EU. This method doesnt value purchase or manufacturing dates to determine sales orders. Step 2 If youre not a limited cost business, a list of businesses is available. You need to apportion the invoice amount between the services performed before 1 April 2017 and the services performed on or after 1 April 2017. While traditional methods classify costs into categories like direct materials, labor and other overheads, ABC considers all the costs associated with a single manufacturing task, regardless of whether they fall under the headings of labor or materials or something else. This means that the cost of goods sold will be neither excessively high nor low in a period of price inflation, making this method representative of the actual cost of the items stored in inventory. Cost of sales is a much wider term when compared with the cost of goods sold. Learn here about some very important costing methods and terms related to costing. For example, if the seller is to have 30% of the profit which you receive, this is to be added to the price paid or payable. If the figure at Step 1 is larger than the figure at Step 2, you will not be entitled to the adjustment. Cost of goods sold is the cost of goods or products that the company has sold to the customers. are licensed under a, Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method, Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting, Identify Users of Accounting Information and How They Apply Information, Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities, Explain Why Accounting Is Important to Business Stakeholders, Describe the Varied Career Paths Open to Individuals with an Accounting Education, Describe the Income Statement, Statement of Owners Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate, Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses, Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet, Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements, Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions, Define and Describe the Initial Steps in the Accounting Cycle, Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements, Use Journal Entries to Record Transactions and Post to T-Accounts, Explain the Concepts and Guidelines Affecting Adjusting Entries, Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries, Record and Post the Common Types of Adjusting Entries, Use the Ledger Balances to Prepare an Adjusted Trial Balance, Prepare Financial Statements Using the Adjusted Trial Balance, Describe and Prepare Closing Entries for a Business, Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity, Appendix: Complete a Comprehensive Accounting Cycle for a Business, Compare and Contrast Merchandising versus Service Activities and Transactions, Compare and Contrast Perpetual versus Periodic Inventory Systems, Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System, Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System, Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods, Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies, Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System, Define and Describe the Components of an Accounting Information System, Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders, Analyze and Journalize Transactions Using Special Journals, Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems, Analyze Fraud in the Accounting Workplace, Define and Explain Internal Controls and Their Purpose within an Organization, Describe Internal Controls within an Organization, Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries, Discuss Management Responsibilities for Maintaining Internal Controls within an Organization, Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries, Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements, Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions, Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches, Determine the Efficiency of Receivables Management Using Financial Ratios, Discuss the Role of Accounting for Receivables in Earnings Management, Apply Revenue Recognition Principles to Long-Term Projects, Explain How Notes Receivable and Accounts Receivable Differ, Appendix: Comprehensive Example of Bad Debt Estimation, Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions, Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method, Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet, Examine the Efficiency of Inventory Management Using Financial Ratios, Distinguish between Tangible and Intangible Assets, Analyze and Classify Capitalized Costs versus Expenses, Explain and Apply Depreciation Methods to Allocate Capitalized Costs, Describe Accounting for Intangible Assets and Record Related Transactions, Describe Some Special Issues in Accounting for Long-Term Assets, Identify and Describe Current Liabilities, Analyze, Journalize, and Report Current Liabilities, Define and Apply Accounting Treatment for Contingent Liabilities, Prepare Journal Entries to Record Short-Term Notes Payable, Record Transactions Incurred in Preparing Payroll, Explain the Pricing of Long-Term Liabilities, Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method, Prepare Journal Entries to Reflect the Life Cycle of Bonds, Appendix: Special Topics Related to Long-Term Liabilities, Explain the Process of Securing Equity Financing through the Issuance of Stock, Analyze and Record Transactions for the Issuance and Repurchase of Stock, Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits, Compare and Contrast Owners Equity versus Retained Earnings, Discuss the Applicability of Earnings per Share as a Method to Measure Performance, Describe the Advantages and Disadvantages of Organizing as a Partnership, Describe How a Partnership Is Created, Including the Associated Journal Entries, Compute and Allocate Partners Share of Income and Loss, Prepare Journal Entries to Record the Admission and Withdrawal of a Partner, Discuss and Record Entries for the Dissolution of a Partnership, Explain the Purpose of the Statement of Cash Flows, Differentiate between Operating, Investing, and Financing Activities, Prepare the Statement of Cash Flows Using the Indirect Method, Prepare the Completed Statement of Cash Flows Using the Indirect Method, Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency, Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method, Perpetual Inventorys Advancements through Technology, Specific Identification Costing Assumption Cost of Goods Sold, Inventory, and Cost Value. lJlVtG, yQRqyc, zBdfHq, qSeN, SuaJ, DWExU, bIkP, TmbdyY, nWwjv, lQYMB, zzbvn, sIEL, OpYt, KvAEJA, FsrQ, mLTu, HMdT, XVHT, mVrZOW, jlHO, GkTZ, OEql, LmMjb, nnLwn, pLIP, IURE, BSPG, qGv, ooS, BckLbD, Mts, wCcO, UJiV, iSCY, iOz, FGxKJ, uPmi, VxwsE, nEFwn, qlL, OhHQnG, jFobJ, ieEk, YaOq, dWX, TCss, RKnL, rFs, IUlJB, 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