Beginning raw materials inventory was P32,000. During the month, P276,000 of raw material was purchased. A count at the end of the month revealed that P28,000 of raw material was still present. What is the cost of direct material used? A. P276,000 B. P272,000 C. P280,000 D. P 2,000

Q: A company started a new product, and in the first month started 80,000 units. The ending work in…

A: Units started = 80,000 Ending units = 20,000 Units transferred = 60,000

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 department had a beginning inventory of 5,500 units of product, and it started 94,500 units…

A: The equivalent units are calculated on the basis of percentage of work completed during the period.

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: At the beginning of the month raw materials inventory was £30,000, during the month £257,000 of raw…

A: GIVEN   At the beginning of the month raw materials inventory was £30,000, during the month £257,000…

Q: M&M Company had raw materials on hand on January 1 of the current year of P540,000 and on June 30 of…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: 28. As of January 1, 20Y5, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The…

A: Direct material used = Opening stock of raw material + Purchases of raw material   - Closing stock…

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: 2. .JYD Manufacturing Company showed the following information as of June 1, 2020%3; Raw materials…

A: Cost sheet is a sheet which describes the cost associated with a product at different stages like…

Q: Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory…

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

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 GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Raw Materials Purchased = Closing Inventory Account + Raw Materials used - Opening Inventory…

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

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: 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: An enterprise had the following opening and closing inventory balances in 2021: 1/1/21 12/31/21…

A: The financial position of the company can be arrived from the income statement prepared by the…

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: Goroka Factory provided the following information for the last calendar year, Beginning Inventory…

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

Q: The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500…

A: Formula used: Direct materials used = Beginning materials + Net purchases - Ending materials

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: 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: ABD Company has provided the following data for the month of November: Inventories 1-Nov 30-Nov Raw…

A: Inventory, also termed stock can be defined as the unsold quantity of raw materials, work in…

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: 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: An excerpt from the last year’s final annual report ofKalamia manufacturing company reported the…

A: Inventory turnover is the ratio showing the number of times the company has sold the goods and how…

Q: The following account balances and other information were taken from the accounting records of TITAN…

A: Raw materials used = Beginning raw materials + Net purchases - Ending raw materials = 50,000 +…

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: A company started a new product, and in the first month started 100,000 units. The ending work in…

A: The equivalent units are calculated on the basis of work completed during the period.

Q: Data are as follows: Beginning balance of RM is 12,000; Purchases of materials totaled 400,000; Raw…

A: The cost of goods manufactured incudes the direct costs and overhead applied cost.

Q: ASAP Natin ‘To! Corporation’s northwestern facility provided the following information for the last…

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

Q: The Gangloff plant purchased $352,000 of direct materials during April. Beginning direct materials…

A: Direct material inventory is inventory or materials that is used directly for production and…

Q: A company manufactured 1000 units of a product during the year and sold 850 units. Costs incurred…

A: Given: Manufacturing units=1000Sold units =850Direct material and direct labour =OMR 10000Production…

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: Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the…

A: The following journal entry will be passed to record the purchase of raw material: Raw material A/c.…

Q: A company started a new product, and in the first month started 64,735 units. The ending work in…

A: Formula: Units transferred out = Started units - Ending work in process Deduction of ending work in…

Q: information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods…

A: The cost of goods sold is calculated as sum of beginning finished goods inventory and cost of goods…

Q: ABC Manufacturing has the following account balances at the beginning of the current year: Raw…

A: Total manufacturing cost is the sum of total direct material cost, total labor cost, and…

Q: The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500…

A: Formula used: Direct materials used = Beginning Direct materials + Purchases during the period -…

Q: A company’s record showed the following information for the month of August. Beginning inventory…

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

Q: An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the…

A: Amount  (In $)  Direct Materials   Beginning Raw Materials Inventory…

Q: Wiremold tracks the direct materials in inventory. At the end of their most recent month, the direct…

A: Raw material inventory      920000 x 7/20 =   322000 WIP  raw material.   920000x2/20. = 92000 Cost…

Q: A company started a new product, and in the first month started 90,000 units. The ending work in…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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.