4Cost of Materials IssuancesSostBravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.ReceivedReceivingIssuedMaterialsReport ReceivedNumberReceivedQuantity Unit PriceRequisitionNumberIssuedQuantityIssuedBalanceBalanceAmountDateQuantityBalanceAmountBalanceUnit PriceJuly 1200$1,20023140$8July 5200 V1,200104230July 10July 202990$10117b. Determine the balance of wire cable at the end of July.10130July 2610c. Determine the total amount of materials transferred to Work in Process for July.Check My WorkQ Search329 PLA1/31/2024844

Part a: Complete the materials issuances and balances Ledger Entries:DateReceipt Report No.Quantity…

Answered: 4 Cost of Materials Issuances Sost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Cost of Materials Issuances Under the FIFO Method 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 Receiving Issued Materials Requisition Number Report Number 23 +A 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 Issued Quantity 380 230 LA Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 000000 Balance Unit price c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. $8 000000 Balance Amount $2,720 000000 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Entry for issuing materials Instructions Instructions Materials issued are as follows: Requisition No. 201 202 203 Chart of Accounts 204 205 Material Aluminum Plastic Rubber Glue Steel E Job No. 500 503 504 Indirect 510 General Journal Amount $976,000 379,400 187,700 170,000 619,000 Required: Journalize the entry on Dec. 31 to record the issuance of materials.
Cost of Materials Issuances Under the FIFO Method 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 Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
Exercise 10-6A (Algo) Identifying product versus SG&A costs LO 10-2, 10-3 A review of the accounting records of Zachary Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$32,800. 2. Salary of the vice president of manufacturing-$15,100. 3. Salary of the chief financial officer-$17,900. 4. Salary of the vice president of marketing-$15,000. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$189,000. 6. Wages of production workers-$945,000. 7. Salaries of administrative personnel-$111,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$169,000. 9. Commissions paid to sales staff-$245,000. Required a. What amount of payroll cost would be classified as SG&A (selling, general, and administrative) expense? b. Assuming that Zachary…
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Problem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. 90,000 80,000 ? Work in process - Adhesion Dept. 2 70,000 Cost Transf. 480,000 Beg. ? Beg. DM Trans. In ? DL DM 22,600 FO DL |Ending 17,000 FO ? Ending 20,600 Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? ? Finished Goods 185,000 Cost of sales 770,000 Beg. Beg. CoGmf 880,000 DM DL Fo Ending 90,000 Ending 40,000
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May

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