Units Purchased Units Cost Units Issued Date 5/1 (BI) 10 P15 5/5 20 20 5/15 15 5/19 10 5/24 15 18 5/30 15
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MNO Manufacturing Company which uses the periodic inventory system showed the following transactions during the month of May: (round-off to the nearest peso)
WHAT IS THE COST OF THE UNITS ISSUED UNDER THE FIFO COSTING METHOD?
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- Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000Company_A Company_B Industry_Index0.05072904 0.12515871 0.066853460.01486974 0.04931926 0.01986469-0.06178058 -0.09797119 -0.06618699-0.00553426 -0.00350203 -0.002453480.05051436 0.09901787 0.049130690.00314946 0.03793538 0.014420130.02414459 0.06546216 0.03510414-0.00859679 -0.01240826 -0.01093989-0.04991867 -0.07997777 -0.05958256-0.01880513 -0.03070676 -0.011357020.03244373 0.06944611 0.037463590.03989886 0.06959868 0.03820101-0.00227524 0.00535924 0.003629850.08699012 0.17364902 0.08813692-0.02364987 -0.06779889 -0.022791970.02096745 0.06365353 0.026876440.01348849 0.04595448 0.01708248-0.04434861 -0.06926109 -0.04669314-0.07177356 -0.22266492 -0.099407190.09142303 0.19338777 0.092811680.00082669 0.02676372 0.00774505-0.01214213 -0.02179503 -0.01130655-0.04803256 -0.07637749 -0.052557480.00487633 0.04582172 0.01566317FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65
- 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 150Multiple Choice Questions If inventory was purchased for $2 288 inclusive of GST, what would the GST amount be? $22.88 $229.00 $208.00 $20.80An 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 Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 320 $8 $2,560 27 220 $10 May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3 fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6 105 360 $fill in the blank 96e897097f99fe6_7 May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12 May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank 96e897097f99fe6_13 fill in the blank…
- BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d) $ (e) $101,000 $161,000In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is P2.50 P3.00 P3.50 P4.50PT. Antigen follows the practice of pricing its inventory at LCNRV on an individual items basis (dalam Rp. 000.000) on December 31 2009: Item No Quantity Cost per Unit NRV per Unit 1320 1333 1426 1437 1510 1522 1573 1626 1.200 900 800 1.000 700 500 3000 1.000 3.2 2.7 4.5 3.6 2.25 3.00 1.8 4.7 4.15 3.00 4.6 2.95 2.45 3.4 1.75 5.5 (i) Determine the inventory as December 31 2019 by the LCNRV method, applying to this method to each item (ii) Determine the inventory as December 31 2019 by the LCNRV method, applying the method to the total of the inventory Each of the following gross profit percentage is expressed in term of cost. Indicate the gross profit percentage in terms of sales for each of the above (i) 20% (ii) 25% (iii) 331/2% (iv) 50%
- 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 Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank…E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)Holdaway's cost of goods sold for the year isa. 257,000 b. 260,500 c. 261,000 d. 269,500
