Beautiful Company had the following purchases and issuance during the month of January 2021:January 1January 3January 5January 10January 12January 26January 30Beginning balance: 750 unit @ 20Purchased 500 units @ 19.50Issued 800 unitsPurchased 500 units @ 21.50Issued 500 unitsPurchased 300 units @ 22Issued 200 unitsUsing FIFO, how much is the Raw Materials Inventory ending? Agua Corporation applies the just-in-time philosophy in its materials procurement and productionsystems. It uses Raw and in Process account to keep track of its materials and backflushed materialsat the date goods are completed. The following selected transactions occurred in one of its productsin the month of January 2020:Raw materials purchases,Direct materials12,000 lbs. @ P10, P126,000.P4,400Indirect materialsProduction costs with 3,000 unitsOther conversion costsBeginning and ending balances:P62,000RIPFGBeginning balancesDirect MaterialsConversion costs2,0009002,900(1,500)(600)2,1003,1001,2004,300(1,500)(2,200)3,700TotalEnding balancesDirect MaterialsConversion costsTotalUsing the company's backflush accounting system, how much is the direct materials used to bebackflushed?

Name: Beautiful Company had the following purchases and issuance during the
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Beautiful Company had the following purchases and issuance during the month of January 2021:January 1January 3January 5January 10January 12January 26January 30Beginning balance: 750 unit @ 20Purchased 500 units @ 19.50Issued 800 unitsPurchased 500 u

Since you have asked multiple question, we will solve the first question for you. If you want any…

Business

Accounting

Beautiful Company had the following purchases and issuance during the month of January 2021: January 1 January 3 January 5 January 10 January 12 January 26 January 30 Beginning balance: 750 unit @ 20 Purchased 500 units @ 19.50 Issued 800 units Purchased 500 units @ 21.50 Issued 500 units Purchased 300 units @ 22 Issued 200 units Using FIFO, how much is the Raw Materials Inventory ending?

Beautiful Company had the following purchases and issuance during the month of January 2021: January 1 January 3 January 5 January 10 January 12 January 26 January 30 Beginning balance: 750 unit @ 20 Purchased 500 units @ 19.50 Issued 800 units Purchased 500 units @ 21.50 Issued 500 units Purchased 300 units @ 22 Issued 200 units Using FIFO, how much is the Raw Materials Inventory ending?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Problem Date Activity Units Acquired at Cost Total Units Sold at Retail Unit Inventory Jan. 1 Beg. Inventory 400 units @ $14 = Jan. 15 Sale Mar. 10 Purchase Apr. 1 Sale May 9 Purchase Sep. 22 Purchase Nov. 1 Sale Nov. 28 Purchase Totals 200 units @ $15 = 300 units @ $16 = 250 units @ $20= 100 units @ $21 = $5,600 - $3,000 - 200 units @ $30 200 units 400 units $5,000 200 units @ $30 $4,800 - 400 units $2,100 - 200 units 500 units 750 units 300 units @ $35 450 units 550 units 1,250 units $20,500 700 units 550 units Additional tracking data for specific identification: (1) January 15 sale-200 units @ $14, (2) April 1 sale-200 units @ $15, and (3) November 1 sale-200 units @ $14 and 100 units @ $20. 1. What is the Cost of Good Available for Sale? How many units available for sale? 2. Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory…
First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
Current Attempt in Progress At May 1, 2020, Concord Company had beginning inventory consisting of 200 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 870 units at $5,40 530 units at $7.00 The company sold 1160 units during the month for $14 per unit. Concord uses the average cost method. The average cost per unit for May is $5.900. $5,400. Ⓒ$6.400. Ⓒ$5.930.
Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows: Units Per unit Inventory, 1 October 7,000 $4.00 Purchase, 3 October 8,000 $4.10 Purchase, 15 October 11,000 $4.20 Purchase, 20 October 15,000 $4.25 Inventory, 31 October 20,000 - Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO
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
Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?
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
Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following information to a single part which is used in the production of a wind instrument. The business earned Operating Income of $220,000 in 2019, when production was 3,000 units and the president of Darius is under pressure from shareholders to increase operating income in 2020 and is therefore considering the implementation of strategies mainly geared at increasing revenues and or decreasing variable costs. Data for variable cost per unit and total fixed costs were as follows: Variable expenses per unit: Direct Material $58 Direct Labour $74 Variable Manufacturing Overhead $48 Fixed expenses: Fixed Manufacturing Overhead $215,000…
Please help
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using moving average method, the total cost of raw materials issued on June 15 amounts to:(two decimal places for unit cost; round of final answer - nearest peso)
Coney Island Inc. had the following operating transactions during January 2020, its first month of operations. Date Transaction 1/1 Purchased 2 units of inventory costing $4 each on credit 1/3 Purchased 3 units of inventory costing $5 each on credit 1/10 Purchased 4 units of inventory costing $6 each on credit 1/21 Paid for the January 1 purchase 1/23 Paid for the January 3 purchase 1/30 Sold 7 units of inventory at $10 each on credit 1/30 Matched the inventory cost to January 30 on a FIFO basis 1/31 Estimated that 10% of credit sales will not be realized in cash Record the above transactions in Coney Island’s journal Present Coney’s income statement through gross profit for January 2020
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