1- Sept Balance On Hand 60 at 1.90 each $ 114 | 8 - Sept Purchase 240 at $2 each $ 480 14- Sept Isue 100 to Production line 20 Issued 80 to Production line 22 20 Returned to store as excess material 26 Purchase 100 at $2.2 each $220 29 Return 20 to Supplier (Purchased on 26 sept)

1- Sept Balance On Hand 60 at 1.90 each $ 114 | 8 - Sept Purchase 240 at $2 each $ 480 14- Sept Isue 100 to Production line 20 Issued 80 to Production line 22 20 Returned to store as excess material 26 Purchase 100 at $2.2 each $220 29 Return 20 to Supplier (Purchased on 26 sept)

Name: 4. J.K Manufacturing Ltd., a small computer manufacturer and record in
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Description: 4. J.K Manufacturing Ltd., a small computer manufacturer and record inventory through the Perpatual Inventory system. The 4525T CMOS Convention Movement for November is:a / Show how to record this stock in Store record using:• FIFO costing• Weighte

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Date Units Purchased Unit Cost Total Cost April 6 31,000 36.60 1,134,600 May 18 33,000 39.00 1,287,000 June 6 40,000 39.60 1,584,000 July 10 40,000 42.00 1,680,000 August 10 27,200 42.75 1,162,800 October 25 12,800 43.50 556,800 November 4 8,000 44.85 358,800 December 10 8,000 48.00 384,000 200,000 8,148,000 Sales: April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28,000 October 18,000 November 10,000 December 8,000 Total Units 168,000 Total sales 10,000,000 The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,200 units at 160 Sale 4,800 units at 300 First purchase 16,000 units at 168 Sale 12,000 units at 300 Second purchase 15,000 units at176 Sale 11,000 units at 300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (A) FIFO and (B) UFO?
26. XYZ Ltd. purchased 550 units of Material A @P 3.10 per unit on 16th August, 600 units @ P 3.50 on 18th August, 750 units @ P3.85 on 26th August and 500 units @ P 3.29 per unit on 2nd September. The company issued 450 units to production on 4th September @ P3.47 per unit. Discuss the method of inventory valuation followed by the company. a. Specific Identification Method b. FIFO c. LIFO d. weighted average
Additional information:Inventory at 2021 December 31: $Raw materials 62 800Work-in-progress 15 100Finished goods 36 500i. At 2021 December 31, rent of $3 500 was owing and prepaid light and heat amounted to $1 700. ii. Rent, light and heat are apportioned as follows: factory 60%, administration 40%.iii. Factory machinery is to be depreciated using the straight-line method at 10%.iv. Office equipment is to be depreciated by the reducing balance method at 15% A. Prepare the Manufacturing Account for year ended 2021 December 31. B. Prepare the Income Statement for year ended 2021 December 31.
Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit Rs. Total Cost Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30 Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
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Mar. 12 Blossom purchased $23,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. 13 The correct company paid freight costs of $175. 14 Blossom returned $2,700 of the merchandise purchased on March 12 because it was damaged. 21 Blossom paid the balance owing to Dalibor. jounral entry
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