8) Mohsen Steel Ltd maintains its stores ledger on the FIFO.Following is a summary of the receipts and issues of rawmaterials during the month of May 2019:May 201901Opening balance 300 units @ Rs. 15 per unitMaterial issue , 100 units.Material purchase, 400 units @ 25 per unit.Material issues, 500 units.Material requested form suppliers , 300 unitsMaterial purchase 200 units @ 29 per unit.Material issues , 150 units.Material purchase, 170 units @ 33 per unit.Material issue, 200 units.Material in hand 100 units.060813152225272931Requirements:1. Calculate Cost of goods issues?2. Calculate Value of closing stock?

The term FIFO stood to "First-In, First-Out." It is, actually, a cost flow assumption technique…

Answered: 8) Mohsen Steel Ltd maintains its…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...

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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…
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…
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units 1- Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 2- Identify the total amount of balance on 12th March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 3- Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 450 units c. 320 units d. 280 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQS Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. O a. 450 units O b. 280 units O c. 320 units O d. 220 units
Goods costing $20,000 are purchased on account on April 1, 2021, with credit terms 2/10 n/30. On April 3, a $4,000 credit was received from the supplier for goods returned. Give the journal entry on April 9, 2021, to record the payment of the balance due within the discount period. When do companies normally post to the subsidiary ledger accounts the general ledger control accounts? Describe the relationship between the control account and subsidiary ledger accounts.
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32 MCQ 32. Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a.RO 765 b.RO 1,480 c.RO 1,285 d.RO 1,850
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts:         5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units                             18th March: 150 units 30th March: 100 units Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,850 c. RO 1,285 d. RO 1,480
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts:         5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units                             18th March: 150 units 30th March: 100 units Use the above information and answer 34 MCQ 34. Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a.220 units b.320 units c.280 units d.450 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts:         5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units                             18th March: 150 units 30th March: 100 units Use the above information and answer 33 MCQ 33. Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a.450 units b.280 units c.220 units d.320 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs Identify the value of closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 1,480 b. RO 765 c. RO 1,285 d. RO 1,850
Cebu branch of Nimbus Company submitted the following data for 2021, its first year of operation: Sales 203, 500 Shipments from home office 186, 120 Operating expenses 18, 755 Home Office Current 48. 125 Shipments to the branch are billed at cost. The December 31 inventory of the branch was P25, 245. What is the correct balance on December 31, 2021 of the Branch Current account per home office books?
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs 1-Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 320 units b. 220 units c. 280 units d. 450 units 2-Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a. 280 units b. 320 units c. 450 units d. 220 units 3-Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 1,285 b. RO 1,480 c. RO 765 d. RO 1,850

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