a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".

Q: Consider the following information about March raw material inventory: Inventory turnover = 5.0,…

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

Q: Required information Pardise Company plans the following beginning and ending inventory levels (in…

A: Required Finished goods production (FGP) = 500000 WIP  WIP equation is given by Opening WIP + raw…

Q: Beginning inventory and direct material cost added during the month total 55000 what is the value of…

A: Beginning inventory: Its also called Opening inventory when the accounting period begins. Last…

Q: Barge Incorporated had Beginning inventory for the month that contained 2,000 units that were 70%…

A: An equivalent unit of production is used in process costing. Process costing is used in that…

Q: The following balances are from the accounts of Tappan Parts. January 1 (Beginning) 962,000…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: 1. Beginning inventory consisted of 1,200 units. All materials and 40 percent of labor and overhead…

A: Answer:- correct option is c) $ 219,230

Q: Watson Corporation has provided the following data concerning its finished goods inventories last…

A: Cost of goods sold (COGS) indicates the cost incurred by the corporation for making product ready to…

Q: What is the moving average UNIT COST of the inventory on January 31?

A: The moving average cost equals the total cost of the items purchased divided by the number of items…

Q: 9. MNO Manufacturing Company which uses the periodic inventory system showed the following…

A: Date units purchased unit cost units issued 5/1 10 15 0 5/5 20 20 0         5/15 0 0 15…

Q: 1)Coronado Industries reported the following year-end information: beginning work in process…

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

Q: Oollowing account balances for the month ending August 31, unless otherwise note Direct Materials…

A: solution we are required to calculate the cost of goods manufactured cost of goods manufactured is…

Q: The following information is available for the year ended December 31: Beginning raw materials…

A: Raw Material Consumed :— It means How much of Raw material Used in Manufacturing of Product During…

Q: Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the…

A:

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: Materials used is calculated as difference between materials available for use and ending balance of…

Q: Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was…

A: The direct materials are those which are used in producing or manufacturing a product. Any cost of…

Q: E2-8 LIFO costing Using last-in, first-out perpetual inventory costing and the information presented…

A: Last in first out (LIFO) method of inventory says that inventory which is purchased in last will be…

Q: JM Ltd had the following material transactions during November. Number of units Cost per unit…

A: Formula: Weighted average cost per unit = Total Value / Number of units

Q: Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was…

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

Q: E2-7 FIFO COSTING Using first-in, first-out perpetual inventory costing and the following…

A: FIFO Method   DATE PURCHASE SALE BALANCE       QTY PRICE COST QTY PRICE COST QTY PRICE COST…

Q: 1)Coronado Industries reported the following year-end information: beginning work in process…

A: Particulars                                                                       Amount ($) Cost of…

Q: Information below pertains to raw materials inventory of PQR Company for the month of February 2020:…

A: Solution: Moving average unit cost of inventory on Feb 28 = Cost of units available / Nos of units

Q: The following data on materials purchased and issued during the month of June were shown: Assuming…

A: Perpetual Inventory System: In a perpetual inventory system, an inventory management system…

Q: The finished-goods inventory at the end of July was OMR 38,000. The beginning finished-goods…

A: As per the inventory equation,  Opening stock + Units produced= Cost of goods sold + closing…

Q: Required: What is the cost per unit transferred to finished goods inventory for each of the three…

A: Computation assembly cost per unit.

Q: Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 12 15 22 29 6,000 8,000 P 9,000 P…

A: Company follows two type of inventory system which are, (1) Periodical inventory system (2)…

Q: Inventory balances for the XYZ Enterprise for the month of June are as follows:…

A: Prime costs in the business meaans cost of direct material used and cost of direct labour in the…

Q: Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the…

A: Using average method, cost per unit is calculated as total cost of available goods divided by number…

Q: II. A. The following information is to be used in costing inventory on August 31 August Beginning…

A: The question is related to Valuation of issue of inventory. 1. First in First Out:- : It is a method…

Q: 2. From the following information, draw up a manufacturing account and the trading account section…

A: Manufacturing Account of a company represent the cost of raw material used for production, further…

Q: 15. V-Taxi company is reviewing its material stock. If Vaxi's direct materials inventory increased…

A: The ending inventory is the material inventory left into the stock at the end of period.

Q: Bonita Industries reported the following year-end information: beginning work in process inventory,…

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

Q: a. Determine the number of units in work in process inventory at March 31. units

A: Beginning inventory = 18,000 units production started = 336,000 units Finished units = 330,000 units

Q: The related data of Mineyah Company's Finished goods inventory:…

A: Quantity Unit cost Total cost January 1 800 P205 P164,000   January 12 600 210…

Q: 4- A company makes production by using Y raw material. The movements of this Y material within the…

A: First-in-First-Out (FIFO) is a method of inventory valuation where it is assumed that raw material…

Q: Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material…

A: FIFO Method: Under this method, the ending inventory is valued at latest price and inventories are…

Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…

A: Manufacturing OH Cost :— Manufacturing OH Cost is the Cost which is Incurred to manufacturing the…

Q: Concord Company reports the following for the month of June. Unit Date Explanation Units Total Cost…

A: Under FIFO, inventory is valued at latest prices while cost of goods sold at initial prices. Under…

Q: bute the amount of ending inventory and cost of goods sold at December 31, under Average cost,…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: d. Was manufacturing overhead for February under- or overapplied, and by what amount? Manufacturing…

A: Manufacturing Overhead:-It is an indirect cost incurred during the production process. It includes…

Q: Question: In the finishing department, what is the cost assigned to December 31, 2020,…

A:

Q: 1)Coronado Industries reported the following year-end information: beginning work in process…

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

Q: How many units were started into production in a period if there were zero units of beginning work…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: If 9,000 units are on hand at December 31, what is the cost of the ending inventory under FIFO?…

A: Inventory Valuation under FIFO:"FIFO" stands for first-in, first-out, meaning that the oldest…

Q: 6. Assuming that the company used a perpetual inventory system, the total quantity and cost of…

A: The purchase price is the total cost at which the units are purchased. The purchase price is…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.