Answered: Material opening inventory is Rs 50,000…

Name: Material opening inventory is Rs 50,000 , closing inventory is Rs 20,0
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Material opening inventory is Rs 50,000 , closing inventory is Rs 20,000. Material purchased during the year was Rs 100,000. Material used in production is:

Business

Accounting

Material opening inventory is Rs 50,000 , closing inventory is Rs 20,000. Material purchased during the year was Rs 100,000. Material used in production is:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

See similar textbooks

Similar questions

Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
A company's beginning inventory was valued at $25,000. During the year, it made purchases worth $60,000 and ended with inventory valued at $30,000. What is the Cost of Goods Sold (COGS)? a) $55,000 b) $60,000 c) $65,000
The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the beginning of the year was $125,000 and merchandise inventory at the end of the year was $133,000. The merchandise inventory turnover for the year was O a. 65.5. O b. 14.7. Oc. 0.1. Od. 33.8.
The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the beginning of the year was $125,000and merchandise inventory at the end of the year was $133,000. The merchandise inventory turnover for the year was?
During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases of goods for the fiscal year 25.000,00 € and the final stock of goods 10.000,00 €. The revenue from the sales of goods is 75.000,00 €, the operating expenses 30.000,00 € and the tax rate is 40%. An employee of the accounting department registered as the final stock of goods the amount of 12.000 €. What is the effect on the cost of sales during the use of 20X4?
During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was $1,800,000 and the ending inventory at December 31, year 2, was $360,000. What was the inventory turnover for year 2?
At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000. Calculate cost of goods sold for for the year.
At the beginning of the year, Paradise Co. had an inventory of $200,000. During the year, the company purchased goods costing $900,000. Paradise Co reported ending inventory of $300,000 at the end of the year. Their cost of goods sold is a. $1,000,000 b. $800,000 c. $1,400,000 d. $400,000
A company has beginning inventory for the year of $15,000. During the year, the company purchases inventory for $200,000 and ends the year with $30,000 of inventory. The company will report cost of goods sold equal to: Multiple Choice $200,000. $230,000. $215,000. $185,000.
15 Concert Company had beginning inventory for the year of $15,000. During the year, the company purchased inventory for $160,000 and ended the year with $14,000 of inventory. How much should the company report for Cost of Goods Sold for the year?
Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts.Purchase on February 17 $210,000 Purchase on May 6 130,000 Purchase on September 8 160,000 Purchase on December 4 410,000Required: Calculate cost of goods sold for the year.
Big Basket has an opening inventory of Rs. 30 million. It shows closing inventory at the end of the year as Rs. 50 million. Which one of the following statements hold true? A) Cost of sales for the year is Rs. 600 million and profit for the year is Rs. 20 million b) Cost of sales for the year is Rs. 600 million and profit for the year is Rs. 80 million c) Cost of sales for the year is Rs. 600 million and purchases for the year is Rs. 580 million d) Cost of Sales for the year is Rs. 600 million and purchases during the year is Rs. 620 million