Lockout Company revealed the following inventory transactions:Jan. 1 Beginning balance, 16,000 units @ P1405 Purchased 4,000 units @ P15010 Issued 15,000 units to production15 Purchased 20,000 units @ P16016 Returned 1,000 units to supplier fromJanuary 15 purchase25 Issued 8,000 units to production26 Production returned 4,000 units tostoreroom from the January 25 issue31 Purchased 30,000 units @ P150What is the cost of the inventory on January 31 using FIFO method? The following cost data relate to the manufacturing activities of the Kamas Company during the most recentyear. Factory overhead coata incurred during the year:Property taxes - factoryUtilities - factoryP 1,6002,6005,10013,0002,500P24,800Indirect laborDepreciation - factoryInsurance - factoryTotal Actual FOH costsOther coata incurred during the year:Purchases of raw materialsDirect labor costP 15,00022,000Inventoriea:Raw materials, beginningRaw materials, endingWork-in-process, beginningWork-in-process, endingP5,0004,4003,5004,500The company uses a predetermined overhead rate to charge overhead cost to production. The rate for theyear just completed was P4.00 per machine-hour; a total of 6,000 machine-hours wers, recorded for theyear. Compute for the cost of goods manufactured for the year.

Name: Lockout Company revealed the following inventory transactions:Jan. 1
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Description: Lockout Company revealed the following inventory transactions:Jan. 1 Beginning balance, 16,000 units @ P1405 Purchased 4,000 units @ P15010 Issued 15,000 units to production15 Purchased 20,000 units @ P16016 Returned 1,000 units to supplier fromJanu

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Lockout Company revealed the following inventory transactions: Jan. 1 Beginning balance, 16,000 units @ P140 5 Purchased 4,000 units @ P150 10 Issued 15,000 units to production 15 Purchased 20,000 units @ P160 16 Returned 1,000 units to supplier from January 15 purchase 25 Issued 8,000 units to production 26 Production returned 4,000 units to storeroom from the January 25 issue 31 Purchased 30,000 units @ P150 What is the cost of the inventory on January 31 using FIFO method?

Lockout Company revealed the following inventory transactions: Jan. 1 Beginning balance, 16,000 units @ P140 5 Purchased 4,000 units @ P150 10 Issued 15,000 units to production 15 Purchased 20,000 units @ P160 16 Returned 1,000 units to supplier from January 15 purchase 25 Issued 8,000 units to production 26 Production returned 4,000 units to storeroom from the January 25 issue 31 Purchased 30,000 units @ P150 What is the cost of the inventory on January 31 using FIFO method?

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

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