cost of materials issuances under the fifo method

Q: The costs of direct materials, direct labor, and overhead of completed products ready for sale are…

A: Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Q: Define the following: direct material costs, direct manufacturing-labor costs, manufacturing…

A: Direct Material Costs: It includes cost of direct materials used in manufacturing of finished goods.…

Q: Use of direct and indirect materials in production requires a credit to

A: Raw material: Raw material is the material used in production which can be converted to final…

Q: n S's Direct Materials Used

A: Direct materials consumed, direct labor costs incurred, and the directly related manufacturing…

Q: Required: (a) Calculate (1) the actual sales volume; (ii) the actual quantity of materials used;

A: Variance refers to those deviation which is used to determine the difference between the actual…

Q: 1. Which of the following are period costs? Raw materials Direct materials and direct labor Direct…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Equivalent Units of Materials Equivalent Units of Conversion

A: Process costing: process costing is a costing method used by companies that produce homogeneous…

Q: Which of the following is a conversion cost?A. raw materialsB. direct laborC. sales commissionsD.…

A: Conversion costs seem to be the expenses of converting raw resources into finished goods. In cost…

Q: What is the journal entry to record raw materials used in production?

A: When raw materials are purchased, they are entered into inventory ledger account named raw material…

Q: Discuss the standard costing and variance analysis of material and labour cost elements with an…

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: what are relevent cost of direct material

A: The management of the manufacturing firm has to take certain decisions regarding the…

Q: Distinguish between the product-costing and control purposes of standardcosts for factory…

A: Standard Costing: Standard costing is an accounting tool which is used to measure the variances in…

Q: Determine the equivalent units of production with respect to direct materials and conversion.

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Q: prepare a rea model depicting the issuance of raw materias into the manufacturing process. identify…

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Q: Which of the following would be included in the journ record the requisition of indirect materials?…

A: SOLUTION- MANUFACTURING OVERHEAD -  IT IS ALSO KNOWN AS FACTORY OVERHEAD AND PRODUCTION OVERHEAD .…

Q: Which of the following costs may be classified as non-manufacturing costs? į Fuel costs of the…

A: Non manufacturing costs are the costs that are not related to manufacturing. The following costs may…

Q: Which of the following formulae is used to calculate the cost per equivalent unit of production…

A: Equivalent units of production = Fully and partially completed units expressed as , % of fully…

Q: Define cost of equipment.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Required: Prepare the jaurnal cntries to record the purchased of materials. used of materials and…

A: Recording journal entries is the basic and the first step of an accounting cycle. Business…

Q: aterials purchase from the previc d cost of direct materials.

A: The correct answer is  b) Budgeted cost of direct materials .

Q: Describe the term cost of the direct materials.

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Describe accounting for production activity and preparation of a process cost summary using FIFO.

A: Accounting for Production activity determines the physical flow of units, analyze equivalent units…

Q: Cost per unit for material?

A: Weighted average method is one of the method of process costing. Under this method, equivalent units…

Q: Prepare a schedule of cost of goods manufactured.

A: Cost of goods manufactured is a statement used for the managerial purpose to show the cost of…

Q: Using the attached Prepare a schedule of cost of goods manufactured.

A: Cost of Goods Manufactured: It is a term used in managerial accounting that refers to a schedule or…

Q: What is the cost per equivalent unit for materials?

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Q: Units of production method with workings required.

A: Depreciation is a decrease in the value of assets due to normal wear and tear, the effect of time,…

Q: What is the formula used to determine the amount of direct materials to be purchased?

A: Direct materials:   Direct materials are the materials and supplied that are directly consumed for…

Q: Make a system for recording the cost of raw materials using the complete Perpetual method

A: Cost of raw materials is the cost of materials which are cost of the materials which the company…

Q: Standard finished product for direct materials used Deficiency of finished product for materials…

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Q: Define “cost” as applied to the valuation of inventories.

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Q: total material handling cost should be allocated

A: Particulars Specialty Windows Wall Mirrors Total Total expected materials move (A) 900 300…

Q: Which of the following best describes the activities of the materials management function?a.…

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Q: Make a system for recording the cost of raw materials using the complete Periodic method.

A: In the periodic method, the inventory is valued as per the buying rate of each unit of inventory. it…

Q: Which of the following material issue pricin method considers the prices as well as the quantities…

A: Solution: "Weighted average method" considers the prices as well as the quantities of materials…

Q: Make a system for recording the cost of raw materials using the complete Perpetual and Periodic…

A: Cost of Raw Material To calculate the cost of raw material first to add the beginning inventory plus…

Q: What steps or activities are involved in developing standards for the materials that are used in…

A: Direct or indirect material are types of materials, direct materials includes those materials which…

Q: Prepare an REA model depicting the issuance of raw materials into the manufacturing process.…

A: The REA model for manufacturing process is given below as, For any of the manufacturing process, the…

Q: Which of the following is a period cost? a. direct materials   b. indirect materials   c. factory…

A: The question is based on the concept of Cost Accounting.

Q: raw material used

A: Raw material used = Opening raw materials + Raw materials purchased - Closing raw materials

Q: Prime cost is:

A: Prime cost is the direct cost incurred in the process of manufacturing a product and typically…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.