inventory quantities OH nanu.EX 19-3 Entry for issuing materialsMaterials issued for the current month are as follows:Requisition No.MaterialJob No.Amount103Plastic400$ 2,800104Steel40224,000105GlueIndirect1,620106Rubber4033,200107Titanium40431,600Journalize the entry to record the issuance of materials.

Issuance of materials: The material storeroom releases raw materials for used in manufacturing…

Answered: inventory quantities OH nanu. EX 19-3…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 39E: Journal entries using the periodic inventory system The following selected transactions were...

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Selected transactions for Niles Co. during March of the current year are listed in Problem 6-1B. Instructions Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number 21 27 Quantity 240 d. Comparing 160 Unit Price $8 10 Materials Requisition Number 107 120 Issued Quantity b. Determine the materials inventory balance at the end of May. 380 230 Amount Date May 1 May 4 May 10. May 21 May 27 Quantity 340 Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Unit price $6 Amount $2,040 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)( causes idle time.
Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit Rs. Total Cost Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30 Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
The Luna Corporation made the following materials purchased and issued during the month of January. Inventory: Receipts: Issuances: January 1 January 10 January 25 January 15 January 27 1,000 units 8,000 8,500 8,500 8,000 1. Periodic system a. FIFO method b. Weighted average method @ @ Required: The cost of materials used and the cost assigned to the inventory at the end of the month using 2. Perpetual system a. FIFO method b. Moving average method P 11.00 12.00 11.50
Periodic inventory by three methodsDymac Appliances uses the periodic inventory system. Details regarding the inventory ofappliances at January 1, purchases invoices during the next 12 months, and the inventorycount at December 31 are summarized as follows:Instructions1. Determine the cost of the inventory on December 31 by the first-in, first-out method.Present data in columnar form, using the following headings:Model Quantity Unit Cost Total CostIf the inventory of a particular model comprises one entire purchase plus a portion of another r purchase acquired at a different unit cost, use a separate line for each purchase.2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1).3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1).4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in…
An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 May 21 97 100 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW…
2. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 293 $30.40 $8,907 40 135 $31.20 May 4 91 362 May 10 44 107 38.10 May 21 97 103 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the…
Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Total Cost Rs Date Jan 01 Jan 05 Jan 06 Jan 09 Details Beg Inventory 20 Purchases Issued Purchases Purchases Issued Units Cost per unit Rs. 10 200 50 11 550 30 40 12 480 Jan 15 20 13 260 Jan 20 60 Jan 28 Purchases 10 15 150
Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total Sep 1 Balance 240 $3.70 $888 Sep 5 Receipt 440 $3.60 $1584 Sep 15 Issue 240 Sep 31 Issue 300 Using the LIFO inventory pricing method, what is the value of closing inventory on Sep 31? Show solution
Journal entries using the periodic inventory system The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system. Journalize the entries to record the transactions of Air Systems Company.
Selected transactions for Essex Company during July of the current year are listed in Problem 6-3B. Instructions Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system.
Purchase-related transactions using periodic inventory system Selected transactions for Niles Co. during March of the current year are listed in Problem 5-1B. Instructions Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.

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