Required: i) Prepare the stock ledger account for SR-42A using the Weighted Average price method Month of April 2021 ii) Explain whether the Last In First Out (LIFO) method will have a lower or higher valuation of the closing stock compared to the closing stock value derived when using the Weighted Average price method for the Month of April 2021
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- Grendizer Co. has received an enquiry from a customer for the supply of 500 units of a new product, product B22. Negotiations on the final price to charge the customer are in progress and the sales manager has asked you to supply relevant cost information. The following information is available: 1. Each unit of product B22 requires the following raw materials: a. Raw material type i. X:4kg ii. Y:6kg The company has 5,000 kg of material X currently in stock. This was purchased last year at a cost of $7 per kg. If not used to make product B22, this stock of X could either be sold for $7.50 per kg or converted at a cost of $1.50 per kg, so that it could be used as a substitute for another raw material, material Z, which the company requires for other production. The current purchase price per kilogram for materials is $9.50 for material Z and $8.25 per kg for material X. There are 10,000 kilograms of raw material Y in inventory, valued on a FIFO basis at a total cost of $142,750. Of…ASAP Sunstar Manufacturing Company produces special kitchen utensils using the JIT system. Transactions for the current period are as follow:(1) Raw materials purchased, P1,590,000(2) Direct labor costs of P2,500,000 were incurred.(3) Actual overhead costs of P3,500,000 were incurred.(4) Conversion costs are directly charged to cost of sales.(5) Finished goods, end amounted to P420,000 of which P200,000 is materials.(6) Finished goods, beg amounted to P600,000 of which P350,000 is materials(7) RIPI, beginning P850,000, of which materials is P600,000.(8) RIPI, ending P750,000, of which materials is P500,000. The cost of sales for the period amounted to:please answer correct with reason A manufacturer used $100,000 of direct materials in its Roasting department. The journal entry to record the use of direct materials consists of a: Debit Raw Materials Inventory for $100,000; credit Work in Process Inventory—Roasting for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Raw Materials Inventory for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Accounts Payable for $100,000. Debit Raw Materials Inventory for $100,000; credit Accounts Payable for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Cash for $100,000.
- Manufacturing Company produces special kitchen utensils using the JIT system. Transactions for the current period are as follow:a. Raw materials purchased, P1,950,000b. Direct labor costs of P2,500,000 were incurred.c. Actual overhead costs of P3,500,000 were incurred.d. Conversion costs are directly charged to cost of sales.e. Finished goods, end amounted to P420,000 of which P200,000 is materials.f. Finished goods, beg amounted to P600,000 of which P350,000 is materialsg. RIPI, beginning P850,000, of which materials is P600,000.h. RIPI, ending P750,000, of which materials is P500,000.The cost of sales for the period amounted to:a. P8,230,000 b. P8,200,000 c. P8,130,000 d. P8,000,000Micro Inc. processes a single type of microchip in large quantities. For the current period the following information is given: Units Material Cost Conversion Cost Beginning Inventory 9,000 $18,360 $94,800 Started during the current period 72,000 $273,000 $409,200 Ending Inventory 12,000 All materials are added at the beginning of the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 75% completed for conversion purposes. a. Calculate Micro’s physical flow of units, equivalent units, cost per equivalent unit and assign costs toFinished Goods and Ending Work-in-Process Inventories using the FIFO method of processingKuchen Manufacturing uses backflush costing to account for an electronic meter it makes. During August 2008, the firm produced 16,000 meters of which it sold 15,800. The standard cost for each meter is: Direct material P 20 Conversion costs 44 Total P 64 Assume that the company had no inventory on August 1. The following event took place in August: Purchased P320,000 of direct materials. Incurred P708,000 of conversion costs. Applied P704,000 of conversion costs to Raw and In Process Inventory. Finished 16,000 meters. Sold 15,800 meters for P100 each. Amount of Cost of Goods Sold after the adjustment of over-under applied conversion cost:
- Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs and is sold for $700. During a recent month the company produced 120 units and sold 100 units. Prepare journal entries to record each of the following. 1. Purchase of raw materials on credit. 3. Sold 100 units on credit. 2. Applied conversion costs to production. 4. Record ending inventory and cost of goods sold.a. Purchased 2,450 units of copper tubing on account at $52.00 per unit . The standard price is 48.50 per unit . If an amount box does not require an entry ,leave it blank . b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required,at standard, to produce one air conditioner . If an amount box does not require an entry, leave it blank .a) Bidii Enterprises is located at Kariobangi Light Industries area in Nairobi. The company manufactures a product ‘comex’ which is used in the building industry. The main raw material used in the manufacture of ‘comex’ is material B4 2000. The following information relates to material B4 2000. Annual requirements : 144,000 unitsOrdering costs : Sh.12,500 per orderAnnual holding costs : 20% of the purchase pricePurchase price per unit : Sh.500Safety stock requirement : None Required:(i) The economic order quantity. (ii) The number of orders needed per year (iii) Total cost of ordering and holding material B4 2000 per year. ( b) A Company has provided the following data in respect of its major raw materials. Maximum Consumption 1,200 unitsNormal consumption 900 units Minimum consumption 600 units Lead time 4-6 weeks Re-order Quantity 6,000 units RequiredReorder levelMaximum stock level Minimum stock level
- Kilang Ahmad manufactures key chains for college bookstores. During 2003, the company had the following costs: Direct materials used MYR31,000Direct labour 18,000Factory rent 12,000Equipment deprecation – factory 2,000Equipment depreciation – office 750Marketing expense 2,500Administrative expenses 40,000 35,000 units produced were in 2003. What is the product cost per unit? a. approximately MYR1.24b. MYR1.80c. approximately MYR3.04d. MYR1.40e. approximately MYR1.82Weighted Average Method, Physical Flow, Equivalent Units, UnitCosts, Cost AssignmentMimasca Inc. manufactures various holiday masks. Each mask is shaped from a piece of rubberin the molding department. The masks are then transferred to the finishing department, wherethey are painted and have elastic bands attached. Mimasca uses the weighted average method. InMay, the molding department reported the following data:a. BWIP consisted of 15,000 units, 20% complete. Cost in beginning inventory totaled$1,656.b. Costs added to production during the month were $26,094.c. At the end of the month, 45,000 units were transferred out to finishing. Then, 5,000 unitsremained in EWIP, 25% complete.Required:1. Prepare a physical flow schedule.2. Calculate equivalent units of production.3. Compute unit cost.4. Calculate the cost of goods transferred to finishing at the end of the month. Calculate thecost of ending inventory.5. CONCEPTUAL CONNECTION Assume that the masks are inspected at the end of…Glassworks makes products for the sandblasting industry. One of the products they make is bags of high-grade sandblasting media that is made from a combination of quartz-sand and recycled ground-glass (cullet). Standard costs and quantities to produce one bag of sandblasting media are as follows: Quantity Cost Quartz-sand 20 kg $4.00 Cullet 5 kg $3.00 80,000 bags of sandblasting media were produced. Actual purchases and inventories were: Beginning Ending Purchases Purchases Inventory Inventory (in kg) ( in $) Quartz-sand 0 kg 0 kg 1,610,000 kg $322,161 Cullet 0 kg 120,000 kg 550,000 kg $286,000 Required: Calculate the following variances: a)Total direct material efficiency variance. b)Total direct material mix variance.…