Inventory balances for the XYZ Enterprise for the month of June are as follows:                                                                                 June 1                   June 30                 Raw materials                                    P  80,000              P  70,000                 Work-in-process                                135,000                119,600                 Finished goods                                    300,000                240,000   During the month, purchases of direct materials were P 116,000. Direct labor and factory overhead costs were P 164,000 and P220,00 respectively. How much is the prime costs? A)P 280,000 B)P 305,400 C)P 176,000 D)P 290,000

Q: The following data was taken from EOQ Swab Company in July: Beginning inventory - 0 Units…

A: Process costing: Process costing is one of the cost accounting methods. It is used when the company…

Q: Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000…

A: The valuation of inventory is made by using different methods. Mainly, there is LIFO, FIFO, Average…

Q: Inventory balances for the Jameson Company in October 2018 are as follows: ​ ​ October 1, 2018…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Barge Incorporated had Beginning inventory for the month that contained 2,000 units that were 70%…

A: An equivalent unit of production is used in process costing. Process costing is used in that…

Q: Danica Corp. provided the following inventory balances and cost month of June. Junel June 3 Direct…

A: The cost of goods sold include the costs of goods that are sold during the period.

Q: Problem: Below are the following balances of accounts as of December 31, 2020 Inventory: Beginning…

A: The gross profit is calculated as difference between sales and cost of goods sold.

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: At the beginning of the month raw materials inventory was £30,000, during the month £257,000 of raw…

A: GIVEN   At the beginning of the month raw materials inventory was £30,000, during the month £257,000…

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: The materials consumed includes opening stock and purchases and excludes ending inventory. Formula…

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

A: Raw Materials Purchased = Closing Inventory Account + Raw Materials used - Opening Inventory…

Q: ​Hendrix & Franks Company had the following beginning and ending inventory balances for the…

A: Calculate the amount of cost of goods sold for the year. First. Prepare a cost of goods manufactured…

Q: Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Beginning…

A: Conversion cost appears to be the expenses involved by any manufacturing organization in the…

Q: The following information is available for the year ended December 31: Beginning raw materials…

A: Raw Material Consumed :— It means How much of Raw material Used in Manufacturing of Product During…

Q: Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was…

A: The direct materials are those which are used in producing or manufacturing a product. Any cost of…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: Periodic weighted average is generally easiest method among all the inventory valuation methods…

Q: JM Ltd had the following material transactions during November. Number of units Cost per unit…

A: Formula: Weighted average cost per unit = Total Value / Number of units

Q: Tyare Corporation had the following inventory balances at the beginning and end May: May 1 $31,500…

A: Given,  Overhead applied = $43,200 Predetermined overhead rate = $12 per direct labor hour

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

A:

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: The moving average costing is a simple but accurate valuation method for inventory.

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: Consumption of Materail: It is the amount of raw material which is consumed in order to manufacture…

Q: Wasik Company had the following inventory balances at the beginning and end of August 2013:…

A: Given the following information: Raw material inventory August 1: $58,000 (Opening)August 31:…

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: The finished-goods inventory at the end of July was OMR 38,000. The beginning finished-goods…

A: As per the inventory equation,  Opening stock + Units produced= Cost of goods sold + closing…

Q: The following cost and inventory data are taken from the accounting records of King Company for the…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Q: Jailbird Company provided the following data about the inventory for the month of January:…

A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…

Q: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…

A: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…

Q: Dartmouth Company reported the following inventory balances as of October 31, 2015:            Raw…

A: Journal entries are those where the transactions into the books of company and it is the very…

Q: Sprint Shoes Inc. had a beginning inventory of 9,250 units on January 1, 20X1. The costs associated…

A: LIFO, last in last out is method for accounting  inventory. under LIFO method,cost of most recent…

Q: Wasik Company had the following inventory balances at the beginning and end of August 2013:…

A: Given the following information: Raw material inventory August 1: $58,000 (Opening)August 31:…

Q: s in the beginning inventory included prime cost, P15,000; applied D and transferred-in, P31,500.…

A: First-in, first-out method: It is one of the inventory valuation methods. Under the…

Q: 2. From the following information, draw up a manufacturing account and the trading account section…

A: Manufacturing Account of a company represent the cost of raw material used for production, further…

Q: JKL & Company had 3,000 units in finished-goods inventory on December 31.  The following data are…

A: Sales Revenue is the amount received or receivable from the customers on the account of cash sales…

Q: P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory…

A: a. Raw material inventory as of June 30, 2015 = Beginning Raw material inventory + Materials…

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: GIVEN ÷ Opening balance of inventory = P250000 Material purchased during month =P1200000 Ending…

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: ​Hendrix & Franks Co. had the following beginning and ending inventory balances for the current…

A:

Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…

A: Manufacturing OH Cost :— Manufacturing OH Cost is the Cost which is Incurred to manufacturing the…

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: Ryan company recorded the following data pertaining to raw material Y during the current year.…

A: The inventory is the item in which firms deals in order to earn profit. The inventory on hand and…

Q: Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was…

A: Formula: Cost of direct materials used = Beginning raw materials + purchases - Ending raw materials…

Q: Meyers Corporation had the following inventory balances at the beginning and end of November:…

A: The cost of manufacturing can be classified into three types of costs namely, direct materials,…

Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…

A: Introduction: Finished goods are among the inventory items that are manufacturer-specific. Since…

Q: ABC Manufacturing has the following account balances at the beginning of the current year: Raw…

A: Total manufacturing cost is the sum of total direct material cost, total labor cost, and…

Q: Tyare Corporation had the following inventory balances at the beginning and end of May: May 1…

A: Direct labor hours refers to the number of hours that were directly associated with the production…

Q: The inventory records of TC show the following purchases: Month        Units        Cost January…

A: Introduction:- As per First-In--First-Out method first come into the inventory first issued for…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: FIFO Method         Date…

Q: Wiremold tracks the direct materials in inventory. At the end of their most recent month, the direct…

A: Raw material inventory      920000 x 7/20 =   322000 WIP  raw material.   920000x2/20. = 92000 Cost…