Date Quantity Price Amount Quantity Price Amount Date 01 The following transactions of Franco Manufacturers took place during March 2022: 05 12 24 Purchased 16 28 Transaction Opening inventory Purchased from a supplier Purchased from a supplier Purchased from a supplier Issues and returns Issued to production Issued to production Units 1 600 600 1 300 1600 1 800 Quantity 1 300 Balance Price Amount Price per unit R3.50 R4.00 R4.50 R5.00 ? ?
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From the information provided below complete the table using the FIFO method of
valuation
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- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 444000 Opening stock of WIP 48000 Opening stock of FG 38000 Closing stock of WIP 18000 Closing stock of FG 1500 units Total production units 15800 Select one: a. 445600 b. 487000 c. 467000 d. 419200Use the following date to answer the requirement of this item:Quantity (Product X) - 1,200.00Quantity (Product Y) - 1,800.00Purchase cost per unit (Product X) - 70.00Purchase cost per unit (Product Y) - 90.00Cash discount taken for both products – 10%Freight cost from supplier (Product X) 10.00Freight cost from supplier (Product Y) 30.00Estimated selling price (Product X) 120.00Estimated selling price (Product Y) 150.00Estimated selling costs (Product X) 22.00Estimated selling costs (Product Y) 35.00General and administrative (Product X) 15.00General and administrative (Product Y) 21.00Cost of goods sold per record – 385,800Inventory at year-end shall be carried atFrom the information provided below complete the table using the FIFO method of inventoryvaluation:Purchased Issues and returns BalanceDate Quantity Price Amount Quantity Price Amount Quantity Price Amount The following transactions of Franco Manufacturers took place during March 2022:Date Transaction Units Price per unit01 Opening inventory 1 600 R3.5005 Purchased from a supplier 600 R4.0012 Purchased from a supplier 1 300 R4.5024 Purchased from a supplier 1 600 R5.0016 Issued to production 1 800 ?28 Issued to production 1 300 ?
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 156000 Opening stock of WIP 67000 Opening stock of FG 18000 Closing stock of WIP 15500 Closing stock of FG 9000 Select one: a. 216500 b. 235000 c. 245000 d. 312000Assume the following information for Fruitful Proprietary Limited. for the year ended December 31, 2011: Sales R5,160 Cost of goods manufactured for the year R1,800 Beginning finished goods inventory R834 Ending finished goods inventory R593 Selling and administrative expenses R424 What is the cost of goods sold for the year ended 31 December 2011?Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 169000 Opening stock of WIP 73000 Opening stock of FG 22000 Closing stock of WIP 18500 Closing stock of FG 11000 choose one a. 234500 b. 252300 c. 286400 d. 243000The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 275300 Opening stock of WIP 49250 Opening stock of FG 28500 Closing stock of WIP 21550 Closing stock of FG 1200 units Total production units 3030
- E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)Splish Brothers, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity UnitCost ReplacementCost/Unit Estimated SellingPrice/Unit Completion & DisposalCost/Unit Normal ProfitMargin/Unit X490 8,976 $11.00 $10.52 $12.32 $2.64 $2.99 X512 4,356 6.16 6.60 7.83 0.22 1.58 X682 15,840 16.72 16.37 27.76 2.86 7.92 Z195 11,000 12.54 12.32 17.42 1.23 5.06 Z846 7,568 10.56 11.22 12.28 1.85 0.97 (a) Correct answer icon Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) (b) Partially correct answer icon Your answer is partially correct. Show the journal entries Splish Brothers, Inc. will…Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00 8.00 2.50 Cost to complete 32.00 29.00 21.25 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.