Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 90,000 Raw Materials Used: What would be the materials purchased for the period? You can use your BASE Accounts if that helps.
Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…
A: Purchase material are calculated as- Material used + ending inventory - beginning inventory
Q: The following information is from the records of the Silver Company: Net direct materials purchase…
A: Formula: Ending inventory = Beginning inventory + Purchases - materials used
Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…
A: SOLUTION- WORKING- COST OF GOODS MANUFACTURED = 246400 / 80%…
Q: Inventories Beginning of year End of year Finished goods Rs. 0 Work in process Rs 50,000 Rs 60,000…
A: Cost of goods manufactured: Cost of Goods Manufactured, also known to as COGM, is a term used in…
Q: Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $…
A: Material refers to the item that is important for the manufacturing of a product and without which…
Q: Compute for the Economic order quantity, assuming the no of units of materials required annually…
A: Annual requirement (A) = 120,000 Units Ordering cost per order (O) = P39.00 Carrying cost per order…
Q: Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000…
A: Inventory refers to the goods held by the business either for selling or for further production so…
Q: Raw materials purchased on account, $60,000. Date Debit Credit $
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: 5. The following information is available for Riqqio Manufacturing Company. January 1, 2020 2020…
A: A company which uses the raw material and produces the goods incurring other overheads and expenses…
Q: Materials purchases for the month were $4,000. The Materials Inventory account had a beginning…
A: Materials inventory account is the ledger account that shows all the transactions of raw materials…
Q: Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
A: Cost of goods manufactured: The cost of goods manufactured is the total costs incurred for the…
Q: The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…
A: b. Statement of Comprehensive Income for the year ended 31 December 2020:
Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…
A: The materials consumed includes opening stock and purchases and excludes ending inventory. Formula…
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: Rocha & Noel Inc. had cost of goods sold of $123,200 for the current year ended December 31. The…
A: Given information: Cost of goods sold $123,200 Finished goods inventory on January 01 $30,800…
Q: Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending…
A: We have the following information: Beginning Finished Goods Inventory: $70,000 Ending Finished…
Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…
A: Consumption of Materail: It is the amount of raw material which is consumed in order to manufacture…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR…
A: The answer is Option (c.) [ i.e OMR 1,872,000 ] Refer step 2 for explanation
Q: Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: Beginning raw materials inventory was P32,000. During the month, P276,000 of raw material was…
A: Cost of direct material used = Beginning raw materials inventory + Raw material purchased - Ending…
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 data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500…
A: Amount of direct materials used means how much value of direct materials is consumed within the…
Q: Edmiston Company reported the following year-end information: beginning work in process inventory,…
A: Given: Beginning work in progress inventory $80,000 cost of goods manufactured…
Q: s in the beginning inventory included prime cost, P15,000; applied D and transferred-in, P31,500.…
A: First-in, first-out method: It is one of the inventory valuation methods. Under the…
Q: Using the information below, compute the raw materials inventory turnover: Raw materials…
A: Raw materials inventory turnover = Raw materials used / [(Beginning raw materials inventory + Ending…
Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…
A: GIVEN ÷ Opening balance of inventory = P250000 Material purchased during month =P1200000 Ending…
Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…
A: Amount of raw materials purchased on credit for the month of July = Amount of raw materials used +…
Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…
A: Direct Material Cost - Direct materials costs are the expenses incurred on the raw materials…
Q: Required information [The following information applies to the questions displayed below.] Advanced…
A: Fixed overhead per unit =$180,000/36,000 Fixed overhead per unit = $5 per unit Unit product cost =…
Q: Ryan company recorded the following data pertaining to raw material Y during the current year.…
A: The inventory is the item in which firms deals in order to earn profit. The inventory on hand and…
Q: Work in process inventory on December 31 of the current year is $44,000. Work in process inventory…
A: The term work-in-progress (WIP) is used to describe partially finished goods that are awaiting…
Q: Queen Sales, Inc. has just completed its first year of operations. The company has not had any sales…
A:
Q: Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000…
A: Amount of raw materials used = Beginning raw material inventory + Material Purchased - Ending raw…
Q: Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was…
A: Formula: Cost of direct materials used = Beginning raw materials + purchases - Ending raw materials…
Q: Sydney's Barbecue reported the following information: Sydney's Barbecue Period Ending December…
A: The ending inventory is the number of units left into the business.
Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…
A: Cost of goods manufactured = Total manufacturing costs / 80% = P246,400/80% = P308,000
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: T-accounts represent the classification of transactions recorded in journals to transfer them in…
Q: Using the information below, compute the raw materials inventory turnover: Raw Materials Used…
A: Raw material inventory is the inventory used for production of finished goods in the company. It is…
Q: Problem 1 The following data about Maxwell Company is given for the month of August. August 1…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR…
A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…
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- Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000There were 2.000 units in beginning inventory that were 70% complete with regard to conversion. During the month. 15.000 units were started, and 16,000 were transferred to finished goods. The ending work in process was 55% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
- Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?
- Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000A company has 100 units in ending work in process that are 40% complete after transferring out 750 Units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
- Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?