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 Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 285 $30.00 $8,550 40 130 $32.00 May 4 91 365 May 10 44 110 38.00 May 21 97 100 May 27 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work c. Journalize the summary entry to transfer materials to work in process. Work in Process V 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 Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 285 $30.00 $8,550 40 130 $32.00 May 4 91 365 May 10 44 110 38.00 May 21 97 100 May 27 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work c. Journalize the summary entry to transfer materials to work in process. Work in Process V Materials /

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 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...

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Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of Hillsdale Corp. for November follow: Required: 1. Complete a materials ledger account similar to Figure 2-10 (the On Order columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system: a. FIFO b. LIFO c. Weighted average (carrying unit prices to five decimal places) 2. For each method, prepare a schedule that shows the total cost of materials transferred to Work in Process and the cost of the ending inventory. 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. 4. When prices continue to rise, what is the effect of FIFO versus LIFO on the inventory balance for materials reported in the balance sheet? Discuss.
Inventory costing methods The following transactions affecting materials occurred in February: Required: Record the transactions in materials ledger accounts similar to Figure 2-10. (The On Order columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places. 1. FIFO 2. LIFO 3. Weighted average
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.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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.
Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.
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…
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…
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…
ost 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 1 360 $8 $2,880 22 250 $10 May 4 101 410 $ May 10 28 170 12 May 21 114 240 May 27 b. Determine the materials inventory balance at the end of May.$ c. Journalize the summary entry to transfer materials to work in process. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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…