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
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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

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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

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

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?

Agua Corporation applies the just-in-time philosophy in its materials procurement and production
systems. It uses Raw and in Process account to keep track of its materials and backflushed materials
at the date goods are completed. The following selected transactions occurred in one of its products
in the month of January 2020:
Raw materials purchases,
Direct materials
12,000 lbs. @ P10, P126,000.
P4,400
Indirect materials
Production costs with 3,000 units
Other conversion costs
Beginning and ending balances:
P62,000
RIP
FG
Beginning balances
Direct Materials
Conversion costs
2,000
900
2,900
(1,500)
(600)
2,100
3,100
1,200
4,300
(1,500)
(2,200)
3,700
Total
Ending balances
Direct Materials
Conversion costs
Total
Using the company's backflush accounting system, how much is the direct materials used to be
backflushed?

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