Bal. Raw Materials Inventory 45 255 20 Purchased Bal. Used
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- Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.How is materials inventory computed.? a) Cost of materials used in production during the period/ Average materials inventoryb) Cost of the goods produced during the period/ average materials inventoryc) Cost of good sold / average materials inventoryd) Net sales / average materials inventory To calculate the raw materials inventory, add the cost of the direct materials in production with the manufacturing overhead. In this case your raw materials inventory is valued at $6,000.The Following items are Capitalizable to Inventory Except? CEO Salary Direct Labor Factory Overhead Direct Materials
- Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 fill in the blank b6beca03afc4fb5_1 fill in the blank b6beca03afc4fb5_2 fill in the blank b6beca03afc4fb5_3 fill in the blank b6beca03afc4fb5_4 fill in the blank b6beca03afc4fb5_5 fill in the blank b6beca03afc4fb5_6 91 365 $fill in the blank b6beca03afc4fb5_7 May 10 fill in the blank b6beca03afc4fb5_8 fill in the blank b6beca03afc4fb5_9 fill in the blank b6beca03afc4fb5_10 44 110 38.00 May 21 fill in the blank b6beca03afc4fb5_11 fill in the blank b6beca03afc4fb5_12 fill in the blank…Q8) Financial statements for manufacturing companies includes the following, except: a. Direct Labor b. Direct material purchases c. Product inventories costs d. Merchandise purchaseost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 320 $8 $2,560 27 220 $10 May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3 fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6 105 360 $fill in the blank 96e897097f99fe6_7 May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12 May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank…
- Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $8 $1,760 24 150 $10 May 4 fill in the blank 0748f9092fa1036_1 fill in the blank 0748f9092fa1036_2 fill in the blank 0748f9092fa1036_3 fill in the blank 0748f9092fa1036_4 fill in the blank 0748f9092fa1036_5 fill in the blank 0748f9092fa1036_6 107 250 $fill in the blank 0748f9092fa1036_7 May 10 fill in the blank 0748f9092fa1036_8 fill in the blank 0748f9092fa1036_9 fill in the blank 0748f9092fa1036_10 30 100 12 May 21 fill in the blank 0748f9092fa1036_11 fill in the blank 0748f9092fa1036_12 fill in the blank 0748f9092fa1036_13…12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c301- Classify each of the following items as a cost, expense, loss, or other category, and explain how the classification of each item may change: Cost of goods sold Bad debts expense Depreciation expense for plant machinery Organization costs Spoiled goods
- Fundamentals of Engineering Economy (8012101-2)Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 360 $6 $2,160 21 250 $8 May 4 fill in the blank 77c1e905afbc076_1 fill in the blank 77c1e905afbc076_2 fill in the blank 77c1e905afbc076_3 fill in the blank 77c1e905afbc076_4 fill in the blank 77c1e905afbc076_5 fill in the blank 77c1e905afbc076_6 102 410 $fill in the blank 77c1e905afbc076_7 May 10 fill in the blank 77c1e905afbc076_8 fill in the blank 77c1e905afbc076_9 fill in the blank 77c1e905afbc076_10 27 170 10 May 21 fill in the blank 77c1e905afbc076_11 fill in the blank 77c1e905afbc076_12 fill in the blank 77c1e905afbc076_13…The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.
