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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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