Inventory balances for the Jameson Company in October 2018 are as follows: ​ ​ October 1, 2018 October 31, 2018 Raw materials $ 20,000  $21,000  Work in process   48,000 37,200 Finished goods 108,000 90,000 ​ During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. ​ What is the cost of materials used in production?

Q: Inventory at 1st Jan 2020 Inventory at 31st Dec 2020 35,000 OMR 20,000 OMR Raw Materials Inventory…

A: Applied Manufacturing overhead = OMR 85,000 Actual manufacturing overhead = OMR 80,000 Overapplied…

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Q: 9. The balance of work in process inventory account as of December 31, of the current year of…

A: Balance of WIP = P480,000 Selling price = P450,000 Cost of completion = P10,000 Cost to sell =…

Q: 14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1,…

A: Answer:

Q: 1. Beginning inventory consisted of 1,200 units. All materials and 40 percent of labor and overhead…

A: Answer:- correct option is c) $ 219,230

Q: The income statement submitted by Loon Branch to the Home Office for the month of December 31, 2013…

A: 1) Billing price based on cost imposed by the home office to the branch = 140% of cost Explanation…

Q: Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0     Compute the adjusted…

A: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory = 20,000+100,000-30,000…

Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…

A: No. of units sold = No. of units purchased - no. of units in ending inventory = 4000 - 400 = 3600…

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A: Overapplied = Applied overhead-Actual overhead

Q: The following data were taken from XYz Company for the years ending December 31, 2017 and 2018: In…

A: The income statement is prepared to find net income or losses incurred during the period.

Q: Determine the balance in PASTEL Company's finished goods inventory account at the end of August —…

A: Cost of goods available for sale - Ending finished goods inventory = Cost of goods sold Ending…

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: Factory labor     $36,000 Property tax on manufacturing equipment  $3,500 Production supervisor’s…

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

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: Question Shopify company had the following inventory balances at the beginning and end of 2020…

A: The schedule of cost of goods manufactured explains about the total manufacturing cost incurred…

Q: Accounting Chosen totals and balances of accounts are as follows (in USD): Expenses by nature 350…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: 4) Selected accounts follow of Bramble Limited at December 31, 2020: Finished Goods Inventory…

A: A balance sheet is a representation of an individual's personal or corporation's financial balances…

Q: Santanina Company’s accounting records indicated the following for 2021: Inventory, January 1…

A: Gross Profit:

Q: As of January 1, 2021, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The…

A: Solution: Computation of Raw Material Used Beginning inventory raw material 15,000 Add:…

Q: balances: WIP Inventory FG Inventory 8,000 2,000 During the year, the following transactions took…

A: Please see the next step for the solution

Q: Expert Manufacturing reported the following: Revenue Beginning inventory of direct materials,…

A: Cost of goods sold is the total cost incurred to produce goods during the particular year. It is…

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: 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: Use the following income to answer all questions in this section: Music, Inc. had the following…

A: Cost of goods manufactured = Beginning WIP + Total manufacturing costs - Ending WIP Cost of goods…

Q: Related data of Ruffa Company:…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. First in first out…

Q: Items in Inventory On December 31, Pitts Manufacturing Company reports the following assets: Cash…

A: The total value of inventory includes raw material, Work in process, and finished goods.So  Total…

Q: An excerpt from the last year’s final annual report ofKalamia manufacturing company reported the…

A: Inventory turnover is the ratio showing the number of times the company has sold the goods and how…

Q: According to the information given in the table below, which of the following is Raw materials…

A: Raw material consumed =Opening stock of raw material +Purchase+ Freight inward-Closing stock of raw…

Q: Jse the following inventory data for Hooking Golf Company to compute the cost of goods manufactured…

A: Cost of goods manufactured is the total cost of finished goods produced during a certain period. It…

Q: The owner of a large machine shop has just finished its financial analysis from the prior fiscal…

A: Calculation of Inventory Turnover Ratio and Weeks of Supply:The inventory turnover ratio is 3.5 and…

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A: The following equation can be used for calculation of cost of goods sold(COGS) COGS = Raw material…

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A: Altira corporation given inventory information are below and follows FIFO method of inventory in…

Q: Rockman company's inventory transactions are given below s particulars amount details beginning raw…

A: In this question, we have to find the closing balance of raw material for which the opening balance…

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: 1. Calculate Topanga's cost of goods sold for the first quarter using: FIFO LIFO Average cost 2.…

A: In FIFO method, inventory which is purchased first is sold first. This mean the latest inventory…

Q: During March 2022 Nape Co. used P300,000.00 of direct materials. At March 31, 2022 Nape's direct…

A: Direct materials seem to be those substances and consumables which are directly associated with…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD-  IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: The following information is available for Integrity Corporation for 2020: 1) Materials inventory…

A: Cost of goods manufactured = Total manufacturing costs / 80% = P246,400/80%  = P308,000

Q: Causwell Company began 2018 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: 1.

Q: opanga Group began operations early in 2021. Inventory purchase information for the quarter ended…

A: Since, we answer only up-to 3 sub-parts, we shall answer first three. Please resubmit a new question…

Q: Marietta Company began operations early in 2017. The below information relates to inventory it…

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

Q: Topanga Group began operations early in 2016. Inventory purchase information for the quarter ended…

A: 1a. Compute Topanga’s gross profit ratio for the first quarter using FIFO as shown below:

Q: Presented below are selected accounts of Flint Company at December 31, 2020. Inventory (finished…

A: Current Assets - It is assets of the company which are expected to be sold or used in the business…

Q: Causwell Company began 2016 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: 1.

Q: At May 1, 2016, Bramble Company had beginning inventory consisting of 220 units with a unit cost of…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Assume General Electric Company reports the following footnote in its 10-K report. December 31…

A: Calculate the difference in pre-tax income.Note: Inventory balance of company GE under FIFO for 2016…

Q: Analyzing Activity in Inventory AccountsSelected data concerning operations of Cascade Manufacturing…

A: Cost of goods manufactured: The cost of goods manufactured is the total costs incurred for the…

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.