A company makes production by using Y raw material. The movements of this Y materialwithin the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg,unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price:26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount:15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Whatwould be the appropriate journal entry for the TOTAL cost of consumption at the end ofApril if the company employs LIFO?Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw MaterialDebit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw MaterialDebit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw MaterialDebit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material

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Description: A company makes production by using Y raw material. The movements of this Y materialwithin the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg,unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price

LIFO: Last In First Out On every date of consumption, the cost of goods would be calculated by rate…

Business

Accounting

A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TLİKG, (g) April 30, Consumption, amount: 8.000 kg. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material

A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TLİKG, (g) April 30, Consumption, amount: 8.000 kg. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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