Use the following information to solve the next questions: Beginning direct materials inventory P 20,000 Beginning WIP inventory 20.000 Beginning finished goods inventory 40,000 Ending direct materials inventory 10,000 Ending WIP inventory 100,000 Ending finished goods inventory 50.000
Q: A firm has beginning inventory of 150 units at a cost of $10 each. Production during the period was…
A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…
Q: ou are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily…
A: Ending Inventory It is the amount of inventory presented on the balance sheet by the business .It…
Q: Beginning inventory and direct material cost added during the month total 55000 what is the value of…
A: Beginning inventory: Its also called Opening inventory when the accounting period begins. Last…
Q: How many units must be in ending inventory if beginning inventory was 15,000 units, 58,000 units…
A: Beginning inventory 15000 Add: Units started 58000 Units to account for 73000 Less: Units…
Q: The records of Rami co. show the following data in June 30, 2020 Date Explanation Unit Unit Cost…
A: Inventory valuation is a method used by the organisation to evaluate the total value of goods held…
Q: Cari Furniture has the following information in respect of Coffee tables for 2021: Production…
A: Introduction:- A budget is an estimate of revenue and expenses for a certain future period of time…
Q: The following relate to God's blessings enterprise for the year ended 31 December 2019. Production…
A: Workings: Given values: Finished goods opening inventory cost = 255000
Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…
A: Inventory is one of the important current asset of the business. It can be valued by many methods…
Q: Data for Al-Riyadh Company for the year ending in 2020: (10 Marks) Date Explanation Beginning…
A: * As per Bartleby policy, in case question contains multiple subparts then answer first three only.…
Q: A company reports the following beginning inventoryand purchases, and it ends the period with 30…
A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…
Q: An entity uses the economic order quantity model and wishes to discover how many orders it need to…
A: Economic order quantity E.O.Q is the ideal or optimal quantity that helps in minimizing the total…
Q: Music, Inc. had the following beginning and ending values in its three inventory accounts: Raw…
A: Gross profit refers to the difference of total revenue and direct costs associated with the…
Q: Cari Furniture has the following information in respect of Coffee tables for 2021: Production…
A: The purchase budget is prepared to estimate the units to be purchased during the period.
Q: Which of the following Is the correct formula for calculating days' sales in raw materials Inventory…
A: The ratio analysis helps to analyse the financial statements of the business.
Q: Please help me to do the number 3 requirement, because I have got the solution for 1 and 2 aldready.…
A: As per IAS 2 inventories are valued at either cost or market value whichever comes lower. For the…
Q: If Sales revenue is SR 26,000, beginning finished goods inventory is SR 8,000, ending finished goods…
A: Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending…
Q: Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending…
A: We have the following information: Beginning Finished Goods Inventory: $70,000 Ending Finished…
Q: For each case below, find the missing amount.…
A: Definition: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a…
Q: Celine Company provided the following data relating to an inventory item. Date Units Unit Cost Total…
A: The inventory can be valued using various methods as LIFO, FIFO and moving average method. Using…
Q: Jailbird Company provided the following data about the inventory for the month of January:…
A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…
Q: There were 1,000 units in ending inventory after transferring 16,000 units to finished goods…
A: Inventory is accounting of items and raw material a company uses in production or sales.
Q: Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: Suga Company had the following information relating to its March inventory: Unit Unit Cost Total…
A: Using weighted average method, unit cost is calculated as total cost divided by number of units…
Q: 3. Zimmerman Corp. had 1,500 units of part M.O. on hand May 1, 2020, costing $21 each. Purchases…
A: FIFO stands for First in, first out, which means that the item of inventory that is oldest will be…
Q: According to the information given in the table below, which of the following is Prime Cost? Opening…
A: Formula: Prime cost = Direct materials + Direct labor.
Q: Cost of goods manufactured equals $90000 for 2019. Finished goods inventory is $2000 at the…
A:
Q: pany had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on January…
A: Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…
Q: According to the information given in the table below, which of the following is Raw materials…
A: Raw material consumed =Opening stock of raw material +Purchase+ Freight inward-Closing stock of raw…
Q: Suria Enterprise has 15 items in the inventory. The annual demand and unit cost for each i are…
A: As per ABC classification, goods are divided in three categories. In A category, goods are of high…
Q: May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory…
A: Solution.. Cost of goods manufactured = P120,000 Beginning finished goods inventory = P55,000…
Q: Oriole Company had the following information at December 31: Finished goods inventory, January 1 $…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: 00 Total DL
A: The journal entry is given as,
Q: According to the information given in the table below, which of the following is Cost of Goods Sold?…
A: Cost of goods manufactured = Opening stock of WIP + Cost of Production - Closing stock of WIP =…
Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…
A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…
Q: Compute cost of goods sold using the following information. Finished goods inventory, beginning . $…
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: How many units must be in ending inventory if beginning inventory was 17,000 units, 58,000 units…
A: Ending inventory units: Beginning units + Units started during the period…
Q: A company reports the following beginning inventoryand purchases, and it ends the period with 30…
A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…
Q: 2)Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2013. If…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: A company would like to classify its inventory systems using ABC inventory classification system The…
A: ABC method is the one which divide the suppliers as well as its inventory into the category grounded…
Q: Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each.…
A: FIFO being a method of valuing inventory sells, that inventory first, which has been bought…
Q: Jailbird Company provided the following data about the inventory for the month of January: Units…
A: As per the moving average method, the value of ending inventory is determined by weighted average…
Q: The following are information about purchases and sales for main product of AMEER Inc. for year…
A: What is the Weighted Average Costing Method? When using the weighted average method, divide the cost…
Q: Boreki Enterprise has the following 10 items in inventory. Theodore Boreki asks you, a recent OM…
A: Solution: Item Annual Demand Cost/unit Dollar volume % of Total Dollar Volume A2 10 120 1200…
Q: An organization has an inventory order quantity of 20,000 units and a safety stock of 4,000 units.…
A: Solution: Annual inventory carrying cost = Average inventory level * Carrying cost per unit per year…
Q: Current Attempt in Progress Marigold Corp. had 290 units of product A on hand at January 1, 2020,…
A: Total Number of units available for sale = 290 + 380 + 540 + 180 = 1390 units Inventory in hand on…
Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…
A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…
Q: Jailbird Company provided the following data about the inventory for the month of January: Units…
A: Under the moving average cost method, the cost of inventory calculates by dividing the cost of items…
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- Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
- Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
- The packaging department began the month with 500 units that were 100% complete with regard to material and 85% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 750 units that were 100% complete with regard to materials and 30% complete with regard to conversion. With a $5 per unit cost for conversion and a $5 per unit cost for materials, what is the cost of the units transferred out and remaining in ending inventory?A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?A company has 100 units in ending work in process that are 40% complete after transferring out 750 Units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
- Cicleta Manufacturing has four activities: receiving materials, assembly, expediting products, and storing goods. Receiving and assembly are necessary activities; expediting and storing goods are unnecessary. The following data pertain to the four activities for the year ending 20x1 (actual price per unit of the activity driver is assumed to be equal to the standard price): Required: 1. Prepare a cost report for the year ending 20x1 that shows value-added costs, non-value-added costs, and total costs for each activity. 2. Explain why expediting products and storing goods are non-value-added activities. 3. What if receiving cost is a step-fixed cost with each step being 1,500 orders whereas assembly cost is a variable cost? What is the implication for reducing the cost of waste for each activity?The packaging department began the month with 750 units that were 100% complete with regard to material and 25% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 500 units that were 100% complete with regard to materials and 75% complete with regard to conversion. With a $7 per unit material cost and a $4 per unit cost for conversion, what is the cost of the units transferred out and remaining in ending inventory?Inventory Valuation under Absorption Costing Refer to the data for Judson Company above. Required: 1. How many units are in ending inventory? 2. Using absorption costing, calculate the per-unit product cost. 3. What is the value of ending inventory under absorption costing? Use the following information for Brief Exercises 3-21 and 3-22: During the most recent year, Judson Company had the following data associated with the product it makes: