i need the answer quickly The following is the summary of the receipts and issues of material in a Special Ice factoryduring December 2020. Prepare Store Ledger according to First in First Out Method.December 20201. Opening balance 500 units @ GH¢25 per unit3. Issue 70 units4. Issue 100 unitsS. Issue 80 units13. Received from supplier 200 units @ GH¢24.50 per unit14. Returned to store 15 units @ GHe24 per unit16. Issue 180 units.20. Received from supplier 240 units @ GHe24.7524. Issue 304 units.25. Received from supplier 320 units @ GHe24.50 per unit26. Issue 112 units27. Returned to store 12 units @ GHc24.50 per unit28. Received from supplier 100 units @ GH¢25 per unitperunitb. Two components P, Q are used as follows.Normal usage 1000 units per week each.Re-ordering quantity P 20,000 unitsQ 8,000 unitsRe-ordering period P- 4 to 6 weeksQ-2 to 4 weeksThe minimum usage is 2000 units per week; with their maximum usage being 3000 units perweek each.You are required to calculate the followving each of the components: (1) Minimunm Stock Level(ii) Maximum Stock Level (ii) Average Stock Level (4) Re-ordering Level

Formula: Reordering Level= Max Consumption* max Lead time Minimum Stock Level= Reorder Level-…

Answered: required to calculate the following…

required to calculate the following each of the components: (1) Minimun Stock Level You are (ii) Maximum Stock Level (iii) Average Stock Level (4) Re-ordering Level

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
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The following is the summary of the receipts and issues of material in a Special Ice factory during December 2020. Prepare Store Ledger according to First in First Out Method. December 2020 Dec 1. Opening balance 500 units @ GH¢25 per unit Dec 3. Issue 70 units Dec 4. Issue 100 units Dec 8. Issue 80 units Dec 13. Received from supplier 200 units @ GH¢24.50 per unit Dec 14. Returned to store 15 units @ GH¢24 per unit Dec 16. Issue 180 units. Dec 20. Received from supplier 240 units @ GH¢24.75 per unit Dec 24. Issue 304 units. Dec 25. Received from supplier 320 units @ GH¢24.50 per unit Dec 26. Issue 112 units Dec 27. Returned to store 12 units @ GH¢24.50 per unit Dec 28. Received from supplier 100 units @ GH¢25 per unit b. Two components P, Q are used as follows. Normal usage 1000 units per week each. Re-ordering quantity P - 20,000 units Q - 8,000 units Re-ordering period P - 4 to 6 weeks Q…
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[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
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