If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July 31 RIP inventory account and the amount of raw materials used backflushed from RIP inventory account on July 31 is P202,500, what is the amount of raw materials purchased on credit for the month of July? P205,000 P200,000 P225,000 P190,000

Q: A physical count on January 31 shows that 250,000 units of Product A on hand. What is the cost of…

A: Date Units Unit Cost Jan-01 1500 21 Jan-10 200000 22 Jan-18 250000 23 Jan-28 100000 24…

Q: Dimitri Company, a manufacturer of small tools, provided the following information from its…

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Moving average unit cost will be calculated by dividing total costs by number of units.

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

A: Purchase material are calculated as-  Material used + ending inventory - beginning inventory

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Ending Inventory FIFO = 100 x $7 = $700 LIFO = 100 x $5 = $500 Cost of goods sold FIFO = $5,500 -…

Q: The Sterling Company shows the following information relating to one of its raw materials.…

A: Inventory:- The term inventory includes the raw material, that is used for the production of goods…

Q: Assume Jones Manufacturing begins January with 10 units of inventory that cost $10 each. During…

A: Inventory valuation method includes: FIFO Method LIF Method Weighted average method FIFO Method:…

Q: Assume Baxter Manufacturing begins January with 11 units of inventory that cost $12 each. During…

A: Introduction:- The following inventory methods used for inventory valuation as follows under:--…

Q: What is the moving average UNIT COST of the inventory on January 31?

A: The moving average cost equals the total cost of the items purchased divided by the number of items…

Q: November 15- 5,000 units @ P13. If Seolleongtang Company has 9,000 units on hand on December 31, the…

A: Ans. In FIFO method of valuation of inventory, the units which is purchased at first is sold at…

Q: Betty Go Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June 19-…

A:

Q: The balance of work in process inventory account as of December 31, of the current year of Purewood…

A: Cost of inventory = P480,000 Selling price = P450,000 Completion cost = P10,000 Cost to sell =…

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts: Raw…

A: Gross profit refers to the difference of total revenue and direct costs associated with the…

Q: Beautiful Company had the following purchases and issuance during the month of January 2021: January…

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

Q: You have been provided with the following information regarding Sarasota Paper Ltd's inventory for…

A: The inventory cost is calculated as number of units multiplied by cost per unit.  NRV stands for net…

Q: Blossom Company reports the following for the month of June.           Units   Unit Cost…

A:

Q: 16. Macdo had 150,000 units of product A on hand at January 1, 2020, costing P21 each. Purchases of…

A: Under the LIFO inventory method, the latest purchases are sold first (last in first out). So the…

Q: Rocha & Noel Inc. had cost of goods sold of $123,200 for the current year ended December 31. The…

A: Given information:   Cost of goods sold $123,200 Finished goods inventory on January 01 $30,800…

Q: Shown below is activity for one of the products of Denver Office Equipment:       January 1…

A: Lets understand the basics. In FIFO basis company assumes that, goods comes first in the inventory…

Q: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…

A: As per the FIFO method, those units are issued first which is purchased first, which means ending…

Q: Chili Manufacturing Company Income Statement Month Ended June 30, 2018 Net Sales Revenue Cost of…

A: The following computations are done for Chili Manufacturing Company.

Q: At the beginning of May, the raw material inventory level was 150 units, valued at RM450. In May,…

A:

Q: Information below pertains to raw materials inventory of PQR Company for the month of February 2020:…

A: Solution: Moving average unit cost of inventory on Feb 28 = Cost of units available / Nos of units

Q: ABC Corporation begins the month of April with 1,200 units of inventory recorded at total historical…

A: The average cost per unit will be equal to total cost of beginning inventory & purchase cost…

Q: The following data on materials purchased and issued during the month of June were shown: Assuming…

A: Perpetual Inventory System: In a perpetual inventory system, an inventory management system…

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Formula: Weighted average unit cost = Total cost / Number of units. Division of Number of units with…

Q: Cost of ending inventory Cost of materials issued

A: Moving average method: Under this method moving average cost is calculated based on the weighted…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: Dear student, Since you have asked multiple subparts we will answer only first 3 subparts as per…

Q: Vincenzo Cassano Company sells one product, which it purchases from various  suppliers. The trial…

A: The cost of goods sold means the cost of producing the goods which are being sold by the…

Q: Syarikat Layang uses the LIFO (Last-in, First-out) costing method for its perpetualinventory system.…

A: Using LIFO method, newer units are sold first and old units are sold later.

Q: Franklin Manufacturing provided the following information for the month ended March 31: Sales…

A: This question deals with the calculation of cost of goods sold. We can define cost of goods sold as…

Q: Whispering Winds Corp. reports the following for the month of June.         Units   Unit Cost…

A: Cost of goods sold shows the carrying value of goods that have been sold during a particular period…

Q: The related data of Mineyah Company's Finished goods inventory:…

A: Quantity Unit cost Total cost January 1 800 P205 P164,000   January 12 600 210…

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $8.…

A: Ending inventory refers to the value of the inventory which is remained at the end of the accounting…

Q: οUESTIONΟΝΕ At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory…

A: Bartleby's Guideline: Thanks for the Question “Since you have asked multiple question, we will solve…

Q: count 1,750,000 Accounts payable at December 31 1.200,000 Net sales 8,500,000 Additional information…

A: A) goods billed to a customer on FOB shipping point on Dec 31, 2020means ownership is transferred to…

Q: LOVING-KINDNESS Corp’s inventory records revealed the following: Date Transaction Number of Units…

A: Date Transaction Numberof Units UnitCost TotalCost  August 1  Beginning inventory 500  P8.50…

Q: There are no beginning finished goods inventory in the month of October. During October, Malik Inc.…

A: Work in progress means the goods which has started but not finished .Once goods are ready , it is…

Q: The related data of Finland Company: Quantity Unit cost January 1 800 P200 January 12 600 220…

A: The inventory valuation of a firm can be done using different methods like First In First Method…

Q: Dimitri Company, a manufacturer of small tools, provided the following information from its…

A: Solution: Items Inventory Account payable Net sales Initial amounts 1,520,000 1,200,000…

Q: 3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…

A: In the above question we have asked to prepare Statement of Cost of Production and Statement of…

Q: WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART?   Crane Company reports the…

A: Cost of goods available for sale: It is the value of goods that are available for sale. It is…

Q: 6. Assuming that the company used a perpetual inventory system, the total quantity and cost of…

A: The purchase price is the total cost at which the units are purchased. The purchase price is…

Q: . At year-end, Photomath Permi Company purchased goods costing P500,000 FOB destination. These goods…

A: As per IAS 2, Inventories,  Cost of inventory includes purchase price, import duties, transport…

Q: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Q: Problem 1 The following data about Maxwell Company is given for the month of August. August 1…

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

Q: Pineview Company ended the month of March with inventory of $26,000. Pineviewexpects to end April…

A: Inventory to be purchased in a particular period means inventory which can fulfill sales demand and…

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.