8) Direct Raw Material and Material stock movements for the March 2021 period of the KLM company, which produces finished products, are as follows. 01.03.2021        ---                  ---                 --- 03.03.2021        40.-₺/kg      25 kg            Purchase 09.03.2021        50.-₺/kg      20 kg            Purchase 12.03.2021                            30 kg            Sent to production 15.03.2021                            10 kg            Sent to production Desired: Calculate the Direct First Material and Material Expenses of the company that monitors its stocks according to the LIFO (Last In, First Out) Method, on the dates 12.03. A. 12.03.2021 = 1.400.-₺ ; 15.03.2021 = 400.-₺ B. 12.03.2021 = 1.600.-₺ ; 15.03.2021 = 100.-₺ C. 12.03.2021 = 1.300.-₺ ; 15.03.2021 = 300.-₺ D. 12.03.2021 = 1.400.-₺ ; 15.03.2021 = 500.-₺ E. 12.03.2021 = 1.500.-₺ ; 15.03.2021 = 200.-₺ F. 12.03.2021 = 1.300.-₺ ; 15.03.2021 = 400.-₺

Q: Vaughn Manufacturing's accounting records reflect the following inventories: 12/31/2020 12/31/2019…

A: Cost of goods sold =Cost of goods  Manufacturing + Beginning finished goods inventory - Ending…

Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…

A: Cost of goods manufactured: The cost of goods manufactured refers to the expenses incurred by the…

Q: COGM & INCOME STATEMENT PT AMBARWATI plans to compile a Cost Of Goods Manufactured and Income…

A: Work-in process: This is the cost of units which were semi-finished in a particular period. Further…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A:

Q: Based on the below information, compute the cost of goods manufactured for ABC Company Beginning of…

A: COGM stands for cost of goods produced or cost of production for a particular year. COGM only…

Q: Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in…

A: Cost of goods available for sale means how much cost of goods can be sold in a particular period. It…

Q: Sunland Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021…

A: The total manufacturing costs are calculated as sum of direct materials used, direct labor and…

Q: DATE 01 May 05 May 10 May EXPLANATION seasonal stock purchasing given to production (consumption)…

A: Raw material means the material that is used to produce the finished goods. Raw material include all…

Q: The following costs and inventory data were taken from the accounts of Kobe Inc. for 2019: January…

A: The question is based on the concept of Cost Accounting.

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The cost per unit is calculated as total cost divided by number of equivalent units.

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: Direct material consumed:     Beginning stock 20000   Add: Purchases of raw material…

Q: ABC Company uses FIFO costing and applies lower of cost and net realizable to its inventories. At…

A: Under FIFO Method, Cost of inventory is calculated on the assumption that units of inventory which…

Q: ABC Corp. had the following data for the month of June 2022: • Raw materials purchased on account is…

A: Cost of Goods Manufactured = Beginning Raw and in Process Inventory + Raw Material Purchased +…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The total cost is calculated as equivalent units multiplied by cost per equivalent unit.

Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…

A: The question is related to Cost Sheet. The cost of goods manufactured will be calculated with the…

Q: Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020…

A: The manufacturing cost for the year would be computed by adding the raw materials used by Muscat…

Q: ABC Company uses FIFO costing and applies lower of cost and net realizable to its inventories. At…

A: It has been assumed that the periodic inventory method is being used as no specific details have…

Q: Which of the following accounts is used to monitor the products that are still in production on the…

A: Lets first understand the meaning of work in progress / Semi finished goods. Semi finished goods/WIP…

Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…

A: cost of goods manufactured: Cost of goods manufactured is a technique by which business managers and…

Q: ABC Company uses FIFO costing and applies lower of cost and net realizable to its inventories. At…

A: FIFO FIFO means First in first out Valuation of Inventory Inventories should be valued at lower of…

Q: A company makes production by using Y raw material. The movements of this Y material within the…

A: Inventory is movable asset which is change regularly. To maintain inventory, different methods are…

Q: Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020…

A: Total manufacturing costs in the business means all costs incurred in the production or…

Q: ABC Company has the following information for the period ended 31 December 2020. Direct material…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: Cost of Production 238600 Opening stock of WIP 44400 Opening stock of FG…

A: The manufacturing industries need to have a production process. All the costs relating to production…

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: The cost of goods sold is the cost incurred for producing the goods that are sold by the company.…

Q: The following extract of costing information relates to commodity “A’ for the half year 31st…

A: Since you have asked multiple questions, we will answer the first full question for you. Kindly…

Q: Prime cost is 236000 OMR, and cost of production for the year is 258420 OMR Opening stock of work in…

A: Cost of goods available for sale = Cost if goods manufactured + Opening stock of finished goods

Q: Following are the cost and inventory data of Fast Company for the year 2019: Cost incurred:…

A: Cost of goods manufactured: It refers to the aggregated expense incurred by the business in the…

Q: Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in…

A: Given that, Prime cost is 236000 OMR cost of production for the year is 298420 OMR Opening stock of…

Q: Synergy Manufacturing Co. Ltd. manufactures Product A and Product B. The following information is…

A: SOLUTION- MARGINAL COSTING   IS THE COSTING SYSTEM IN WHICH VARIABLE COST ARE CHARGED TO COST UNITS…

Q: (a) Bara Enterprise manufactures product Alpha. The following information is for the year 2021:…

A: Production budget is the statement which is prepared to know the estimated production needed for a…

Q: 29- 29 - ABC production company calculates production costs according to the phase cost system. The…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: The cost data for Evencoat Paint for the year 2019 is as follows: Month Gallons of Paint Produced…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: |Units Price Accel Active 45,000|s225 Product Accel Regular 75,000|S1sS Expected Target Inventories…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: first question An industrial company produces and markets one type of product whose planned data…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A company makes production by using Y raw material. The movements of this Y material within the…

A: The following computations are done to evaluate the cost of direct materials consumed using the…

Q: You are provided the following production information for the month of October 2020 Material A…

A: Under the FIFO method  Cost per Equivalent unit = Current month's cost / Equivalent units   Under…

Q: Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: The following extract of costing information relates to a commodity A for the half year ending…

A:

Q: (a) Bara Enterprise manufactures product Alpha. The following information is for the year 2021:…

A: Sales budget is the statement which is prepared to forecast the future sales of a business. It is…

Q: Waterway Industries's accounting records reflect the following inventories:   Dec. 31, 2019   Dec.…

A: Manufacturing costs: Manufacturing costs are the costs which are involved in converting the raw…

Q: A company makes production by using Y raw material. The movements of this Y material within the…

A: LIFO: Last In First Out On every date of consumption, the cost of goods would be calculated by rate…

Q: From the following particulars calculate prime cost, works cost, cost of production, cost of sales…

A: A cost sheet allocates the total cost of a product into different categories: direct material…

Q: Information concerning sales and production for ABC Co. for November 2019 are summarized as follows:…

A: Answer-   Part 1 - SALES BUDGET FOR NOVEMBER -   Sr. No Particulars Product X Product Y…

Q: On January 1, 2021, CMA Company was established to manufacture a single product. The company’s…

A: Production cost per unit for the year 2021 = 1,350,000300,000 = 4.5 per unit Production cost per…

Q: Semi-products at the End of the period's Costs Direct Raw Materials and Supplies Expense 14.040 TL…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Zelbra Company adopts absorption costing and has the following balances  (before year-end…

A: Note: As per the policy, we are supposed to solve first three sub-parts at a time. Kindly repost the…

Q: ABC production company calculates production costs according to the phase cost system. The…

A: Process costing is a method of cost accounting, which is used where there is continuous production…

Q: Information concerning sales and production for ABC Co. for November 2019 are summarized as follows:…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: The following information was reported by AS Company for the month of September 2019. The total cost…

A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.