4. The company has stocks of raw materials Cost 14.000. During the financial year it purchased Raw Materials Value 40.000. The consumption for this financial year amounted to 30,000. What is the value of the raw materials opening stock

4. The company has stocks of raw materials Cost 14.000. During the financial year it purchased Raw Materials Value 40.000. The consumption for this financial year amounted to 30,000. What is the value of the raw materials opening stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 4. During the year ended 31 December, the business made sales of £45,000 and purchases of 25,000.…

A: Formula: Gross profit = Sales - cost of goods sold

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: Ednistan Campy reprted the fuowing vear end information: beginning wrk in process venta, 0.000 t of…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Harris Company manufactures and sells a single product. A partially completed schedule of the…

A: Formula: Variable cost per unit = Total Variable cost / Number of units produced ParticularsTotal…

Q: A high tech company reported sales of $220,000, cost of goods sold of $150,000 and inventory of…

A: Solution: Gross Profit is Sales minus Cost of goods sold. Sales - Cost of goods sold = Gross profit…

Q: Question: A company's total sales in a year were $2,710,000. The cost price of goods sold was…

A: Hello student! Net Profit (Loss) is the last item shown in the Income Statement. This is the…

Q: Euphorbia Company produces and sells a single item of product. Inventory at the beginning of…

A: Lets start with basic understanding of FIFO method. In First In First Out (FIFO) method, company…

Q: At the end of April 2022 PT Rajawali presented the company's cost data. Raw material inventory is…

A: Introduction Raw material consumed during the year is calculated by using the following formula Raw…

Q: Ma4 . Tord Company processes 18.100 gallons of direct materials to produce two products, Product X…

A: Taking an inventory refers to the process of counting or cataloging items. Inventory, or a current…

Q: Prepare a detailed CVP income statement for the month ended January 31, 2022.

Q: At the beginning of the month raw materials inventory was £30,000, during the month £257,000 of raw…

A: GIVEN At the beginning of the month raw materials inventory was £30,000, during the month £257,000…

Q: Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in…

A: Cost of goods available for sale means how much cost of goods can be sold in a particular period. It…

Q: Major Manufacturing Company has direct materials used of $50,000, beginning raw materials inventory…

A: Raw material inventory turnover is the ratio of quantity of material used and the average…

Q: 5.) Income statement; profit percentage. The Shelikoff Company submits the following informa- ion on…

A: The purpose of the income statement is to show the financial performance of the company over a…

Q: The cost figures of the KAPA industry for the previous year are (amounts in euro): Initial…

A: According to the question given, we need to compute the cost of production. Cost of production:The…

Q: The Information bellow has taken from Al Wafa company wages paid to labou OMR85,000 , Purchases raw…

A: Formula: Net purchases = purchases - Purchase returns

Q: DATE 01 May 05 May 10 May EXPLANATION seasonal stock purchasing given to production (consumption)…

A: Raw material means the material that is used to produce the finished goods. Raw material include all…

Q: Cavy Company completed 7,770 units during the year at a cost of $590,520. The beginning finished…

A: solution given Number of completed unit 7770 Cost incurred $590520 Opening inventory…

Q: REYNOLDS INVENTORY FLOWS PROBLEM: Reynolds Company has beginning inventory balances of $120,000 for…

A: Finished Goods Inventory: It implies to the goods at the final inventory stage after passing the…

Q: High Return Manufacturing company has a beginning finished goods inventory of $14,600, raw material…

A: Question 1: Cost of Goods Sold Calculation High Return Manufacturing company has:Beginning finished…

Q: The gross profit margin percentage (rounded) was?

A: Gross profit margin is the difference between Sales Revenue and Cost of Goods sold. Cost of goods…

Q: d was P2,500,000 with freight-in of P120,000  Purchase returns was P50,000 and purchase discount is…

A: Working: Net Raw materials purchased = Raw materials purchased - Purchase returns - Purchase…

Q: OST ACCOUNTING CALCULATION FOR TOTAL ANNUAL COST

A: Calculation of annual holding inventory of the component = [ Buffer inventory + ( EOQ/2 ) ] x…

Q: The following are the information derived from financial statements of Al Tood Production SAOG. You…

A: Material available for consumption =Opening stock of raw material + Purchase of raw material =RO…

Q: Belle Company reports the following information for the current year. All beginning inventory…

A: Net income is the amount earned by an entity after deducting the expenses from the revenues.

Q: Martinez Retailers produced the following information for the most recent year: 1. Sales…

A: In order to determine the purchases made during the period, the cost of goods sold is required to be…

Q: Zarruk Construction's DSO is 34 days (on a 365-day basis), accounts receivable are $68 million, and…

A: DSO=34 daysAccounts Receivables=$68 millionInventory=$156 millionCost of goods sold=70% of…

Q: The following data relates to the operation of a company over a period of two years; year 1: 12,000…

A: Answer is option C = 22,680 Units Cost Inflation Index Cost Before Inflation…

Q: Chris Company showed cost of goods sold of P 4,320,000 in its statement of comprehensive income…

A: The question is based on the concept of Cost Accounting.

Q: A company had £270,000 in sales; £150,000 in goods available for sale; ending finished goods…

A: The Beginning inventory can be calculated by adding up ending inventory and deducting net purchase…

Q: Equivalent units of production based on weighted-average are: 100,000 units material, 80,000 units…

A: Process costing is one of the method of cost accounting, under which product has to go through…

Q: The finished-goods inventory at the end of July was OMR 38,000. The beginning finished-goods…

A: As per the inventory equation, Opening stock + Units produced= Cost of goods sold + closing…

Q: out: ut: Sales Labor Raw materials Energy Capital Other $200,150 31, 105 35,005 4,900 45,500 1,900…

A: OutputSales $ 2,00,150 $ 2,01,150InputLabour $ 31,105 $ 41,105InputRaw…

Q: MV Company showed cost of goods sold of P4,320,000 in the statement of comprehensive income after…

A: The total manufacturing costs comprises of direct materials used, direct labor cost and…

Q: The following information relates to the Jasmine Company for the upcoming year, based on 424,000…

A: Jasmine Company's current financial data for the upcoming year, based on 424,000 units, shows sales…

Q: The cost data relating to units of production for the year ending 31st December 2020 are as follows:…

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

Q: Anchor Manufacturing Company reported the following year-end information: Beginning work in process…

Q: Advanced Company reports the following information for the current year. All beginning inventory…

A: Absorption costing means where inventory is valued at total manufacturing cost.. Variable costing…

Q: Cavy Company completed 10,020 units during the year at a cost of $771,540. The beginning finished…

A: Cost per unit for beginning finished goods inventory = Total cost / Total units = $158,400 / 2,200…

Q: 15. V-Taxi company is reviewing its material stock. If Vaxi's direct materials inventory increased…

A: The ending inventory is the material inventory left into the stock at the end of period.

Q: You are More than a Grade (YMG) manufactured 10,000 units in the previous year. An excerpt from…

A: The variable cost per unit remains constant at every level of production.The fixed costs remain…

Q: The units of production and sold are 25,000 units. Question: If Pacific Ocean Sdn. Bhd. wishes to…

A: Contribution margin :— It is the difference between sales revenue and variable cost. Target sales…

Q: Cavy Company completed 10,510 units during the year at a cost of $746,210. The beginning finished…

Q: Ryder Manufacturing reported the following year end information: beginning work in process inventory…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Calculation:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The Lyons Company's cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $30,000, the beginning inventory of finished goods must have been: a. $20,000 b. $50,000 c. $110,000 d. $150,000
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 65,000 to 105,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 95,000 units during the year at a selling price of $9.36 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ $ 65,000 Units Produced and Sold 85,000 214,500 430,000 644,500 $ 0.00 $ 43,000 43,000 $ 0.00 $ 105,000 43,000 43,000 0.00
Compute for the Economic order quantity, assuming the no of units of materials required annually 20,000 cost of placing the order P29.00, Annual Carrying cost of inventory P 5.4
The following data have been taken from the records of a company: Production in units during 2011 200,000 Units sold during 2011 190,000 Selling Price per unit P 15.00 Standard Variable Costs per unit Material and Labor P 8.00 Indirect Manufacturing Costs 2.00 Selling and Administrative expenses 1.00 Fixed Costs budgeting for the year Indirect Manufacturing Costs P 400,000 Selling & Administrative Expenses P 300,000 Required: A. Determine the income (loss) before income taxes for the year 2011 under Absorption Costing?
The following information is derived from Fun & Game LLC financial statements. Annual usage of material is 1,000 units, average stock level is 1,400 units, re-order period is 6 – 10 weeks, minimum level is 800 units and normal rate of consumption is 150 units per week. Then calculate the re-order quantity. a. 800 units b. 1,200 units c. 1,000 units d. 400 units
The following information relates to production of ABC Company for the month of March 2019: Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor hours employed 500.00 ; Gross Profit rate 25% based on selling price; Increase in WIP 1,100.00 ; Ending inventory of Finished goods is 30% of its beginning balance; Total sales 50,000.00. What is the ending inventory of Finished goods of the company?
Edmiston Company reported the following vear-end information: beginning work in process inventory, s80,000; cast of goods manufactured, $750,000; beginning finished goods inventory, $50,000, endng work in process inventory, $70,000; and ending finished goods inventory, 40,000. How much is Edmiston's cost of goods sold for the year? O 3740,000 O S770,000 • s760,000 O 750,000
Anthony Corporation reported the following amounts for the year: Net sales 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: 53.4%. 51.9%. 50.3%. 46.6%. Anthony's average days in inventory is: 70 days. 114 days. 132 days. 151 days. A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: 5 times. 10 times. 20 times. 30 times. [Last question is in the picture attached]