Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150

Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 8E: LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in...

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Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit Rs. Total Cost Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30 Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 May 21 97 100 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW…
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 96e897097f99fe6_13 fill in the blank…
The following data on materials purchased and issued during the month of June were shown: Assuming the application of a perpetual inventory system, the total quantity and cost of materials purchased for the month of June should be 2. Velasco Company has the following data for 2020: January 1 :Finished Goods > P 90,000, Work in process > P 56,000. December 31: Finished Goods >P 102,000 Work In Process > P 76,000 Gross Profit (2020) >P 94,000 Cost of Goods Manufactured >P780,000. The sales for 2020 should be
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 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank…
E2-7 FIFO COSTING Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials used and the cost of the July 31 inventory:July 1 Balance on hand, 960 yd of linen @ $3.65 each.3 Issued 192 yd.5 Received 480 yd @ $4.56 each.6 Issued 120 yd.10 Issued 96 yd.11 Factory returned 18 yd, which were issued on the 10th, to the storeroom.15 Received 576 yd @ $5.05 each.20 Returned 336 yd to the vendor from the July 15 purchase.26 Issued 672 yd.E2-8 LIFO costing -Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.
The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each  Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the FIFO costing method?a. P2,519.00b. P2,421.00c. P2,500.00d. P2,400.00
The journal entry to record the purchase of $24,110 of raw materials is a. Materials$24,110 Accounts Receivable$24,110 b. Materials$24,110 Accounts Payable$24,110 c. Inventory$24,110 Accounts Receivable$24,110 d. Inventory$24,110 Cash$24,110
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in beginning Work-in-Progress (WIP) Inventory Costs added to units in beginning WIP Inventory this period Costs of units started and completed Cost of units started and incomplete Cost of units in ending WIP inventory $ 78,000.00 $ 16,040.40 $ 157,050.50 $ 59,309.10 $ 59,309.10 A) $251,090.90 B) $270,840.40 C) $279,000.00 D) $310,400.00
Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total Sep 1 Balance 240 $3.70 $888 Sep 5 Receipt 440 $3.60 $1584 Sep 15 Issue 240 Sep 31 Issue 300 Using the LIFO inventory pricing method, what is the value of closing inventory on Sep 31? Show solution
The following data on materials purchased and issued during the month of June were shown: the total units and cost of ending inventory under the periodic inventory system FIFO method should be:\ 2. The conversion cost is

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Date	detail	Units	cost per unit Rs.	Total cost Rs.
Jan 1	beg inventory	20	10	200
Jan 5	Purchases	50	11	550
Jan 6	issued	30
Jan 9	Purchases	40	12	480
Jan 15	Purchases	20	13	260
Jan 20	Issued	60
Jan 28	Purchases	10	15	150