Below are the transactions recorded in the store department of a production unit during the month of December, 20x1. It follows FIFO method of valuation for all its issues to production and also for the valuation of closing stock. Received 2,000 units @$24 each unit Issued $1,600 units to production Received 2,300 unist @ $25each unit Issued 1,800 units to production Received 1,500 units @ $26 per unit Received 650 units @ 25 per unit Issued 2600 units to production You are required to calculate the price of issues and closing stock for the month. Dec. 07 Dec.08 Dec. 13 Dec. 15 Dec. 21 Dec. 22 Dec. 23

Below are the transactions recorded in the store department of a production unit during the month of December, 20x1. It follows FIFO method of valuation for all its issues to production and also for the valuation of closing stock. Received 2,000 units @$24 each unit Issued $1,600 units to production Received 2,300 unist @ $25each unit Issued 1,800 units to production Received 1,500 units @ $26 per unit Received 650 units @ 25 per unit Issued 2600 units to production You are required to calculate the price of issues and closing stock for the month. Dec. 07 Dec.08 Dec. 13 Dec. 15 Dec. 21 Dec. 22 Dec. 23

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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A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021: Using FIFO method, the raw materials ending inventory amounts to: (two decimal places for unit cost; round of final answer - nearest peso) RECEIPTS DATE JUNE UNITS UC ISSUANCES AMOUNT UNITS UC BALANCES AMOUNT UNITS UC 800 38.00 AMOUNT 1 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL
The related data of Finland Company: Quantity Unit cost January 1 800 P200 January 12 600 220 January 24 280 230 At month-end, the physical count show 350 units remained. The entity rounds off the unit cost in 2 decimal places. Under FIFO, how much is the cost of ending inventory?
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
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Example: - The following data is related to the movement of Article (Y) that took place during the month of August 20161-1/8 The balance was in an amount of (400) units, and the price was (400) dinars per unit, according to the receipt document numbered 220.93Technical Institute in Basra / second grade inventory accounting2-8/5 A quantity of (1000) units was received for the warehouse at a price of 150 dinars according to the receipt document 2293-8/19 The production quantity of (300) units was disbursed according to the issuance document No. 1364-8/24, a quantity of production (500) units was disbursed according to the issuance document No. 140.5-8/26 The warehouse received a quantity of (800) units, at a price of (500) dinars per unit, according to the receipt document No. 235.Required: - 1- Pricing the materials dispensed from stores on the basis of the fixed flat price method, which was 100 dinars per unit?۔ Calculate the cost of commodity stock at the end of the period *
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
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The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
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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)