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- QUESTION 5 A) A company sells product X & Y Sales for the year ended 2019 are: X: 5000 units @ ¢10 each Y: 3000 units @ ¢12 each The company expects to sell the following units in 2020: X: 6000 units @ ¢15 each Y: 4500 units @ ¢18 each Additional information: i) Budgeted opening stock X: 1000 units Y: 800 units Budgeted closing stock: X: 2000 units Y: 1500 units ii) Materials A and B are used to produce products X and Y based on the following ratio in order to produce one unit of X & Y Product Material A Material B X 3kg 2kg Y 2kg 1kg Purchase price ¢10 per Kg ¢12 per kg iii) Material A Material B Opening stock 8000 5000 Closing stock 6000 3500 (iv) The company has only one grade of labour and uses 3 hours to produce one unit of X 2 hours to produce one unit of Y Labour rate would be ¢20 per hour Required: Prepare the following budgets for 2020 Sales budget Production budget Direct Material usage budget Direct Material purchase budget Direct labour…PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:14. You are given the following details of the company L. for the financial year 1.1.2020-31.12.2020 Beginning inventory of direct materials 120000Purchases of direct materials 228000Direct labor cost 610000direct cost (Initial cost) 780000 The cost of the ending inventory on 31.12.2020 of direct materials is:a. 178000b. 170000c. 150000d.348000
- PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.Cost flow methods The following three identical units of Item P401C are purchased during April: Date Item Beta Units Cost Apr. 2 Purchase 1 $227 Apr. 15 Purchase 1 229 Apr. 20 Purchase 1 231 Total 3 $687 Average cost per unit ($687 ÷ 3 units) $229 Assume that one unit is sold on April 27 for $305. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average costFirst Question Previous Question Question 5 of 10 Next Question Last QuestionUnsaved change Moving to another question will save this response. The following transactions relate to the AKHTER CORP. for the month of November 2015: Product - A Product – B Production 10,000 units 8,000 units Beginning Inventory 1,000 units 900 units Ending Inventory 2,000 units 100 units Unit Cost applicable to inventories and Production Direct Material Rs. 4 per unit Rs. 3 per unit Direct Labour Rs. 10 per unit Rs. 20 per unit Factory Overhead Rs. 7 per unit Rs. 14 per unit Actual FOH was Rs. 182,400, under or over applied factory overhead is to be adjusted in Cost of Goods Sold. Calculate Prime Cost.
- CURRENT COST ACCOUNTINGProblem 38. WWW had the following transactions for the current year with respect to its inventory: On January 1, the entity purchased 50,000 units at P100 per unit. During the year, the entity sold 40,000 units at P180 per unit. The entity paid P700,000 for operating expenses. The current replacement cost of the inventory on December 31 is P150 per unit.Required: Based on the result of your audit, determine the following:1. What is the realized holding gain on inventory for 2010?2. What is the unrealized holding gain on inventory for 2010?3. What is the cost of sales to be reported under current cost accounting?.B. Explain THREE limiting assumptions of cost volume profit. C. Roose manufactures a product called Wye. The owners of Roose are preparing the budgets for the three months ending December 2020. Expected sales in units are shown below. October 2020 November 2020 December 2020 January 2021 Units of Wye 5,700 units 6,080 units 6,384 units 4,788 units One completed Wye contains 3.40 kg of material, costing RM 9.30 per kg. Inventory as at 1 Oct 2020 Inventory decision Finished product (units) of Wye 1,425 units Closing inventory in any month should represent 25% of the next month’s expected sales Material (kg) 25,000 kg This is to be reduced at a constant rate to 16, 000 kg by the end of December 2020 Required: Prepare for each of the months October to December 2020, the Production Budget for finished products Wye. Prepare, for each of the months October to December 2020, the Materials Purchases Budget.Complete the table: (Round your "Unit cost" answers to the nearest cent.) Units Cost Dollar cost Beginning inventory Jan 1 20 $8.00 May 10 15 $11.00 June 30 17 $20.00 Dec 10 12 $21.00
- Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.Order Date Region Rep Item Units Unit cost Total sales 06/01/2018 East Jones Pencil 95 1.99 189.05 23/01/2018 Central Kivell Binder 50 19.99 999.5 09/02/2018 Central Jardine Penil 36 4.99 179.64 26/02/2018 Central Gill Pen 27 19.99 539.73 15/03/2018 West Sorvino Pencil 56 2.99 167.44 01/04/2018 East Jones Binder 60 4.99 299.4 18/04/2018 Central Andrews Pencil 75 1.99 149.25 05/05/2018 Central Jardine Pencil 90 4.99 449.1 22/05/2018 West Thompson Pencil 32 1.99 63.68 08/06/2018 East Jones Binder 60 8.99 539.4 25/06/2018 Central Morgan Pencil 90 4.99 449.1 12/07/2018 East Howard Binder 29 1.99 57.71 29/07/2018 East Parent Binder 81 19.99 1,619.19 15/08/2018 East Jones Pencil 35 4.99 174.65 01/09/2018 Central Smith Desk 2 125.00 250.00 18/09/2018 East Jones Pen Set 16 15.99 255.84 5/10/2018 Central Morgan Binder 28 8.99 251.72 22/10/2018 East Jones Pencil 64 8.99 575.36 8/11/2018 East Parent Pencil 15 19.99 299.85 25/11/2018 Central Kivell Pen Set…Information: November TRANSACTIONS NUMBER OF UNITS AND COST 01 Opening inventory 1260 units @ R11 per unit 08 Purchased from supplier 3150 units @ R12 12 Issued to production 2310 units 19 Returned to supplier 525 units (purchased on 08 November) 22 Purchased from supplier 1575 units @ R13 28 Issued to production 2625 units Use the transactions of Stark Industries to determine the value of the closing stock using the first-in-first out method. This stock consists of a component used in production of the final product.