b. Determine the materials inventory balance at the end of May.1,560 XFeedbackV Check My Workb. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.Work in Process v4,030 XMaterials v4,030 X Cost of Materials Issuances Under the FIFO MethodAn incomplete subsidiary ledger of materials inventory for May is as follows:a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.ReceivedIssuedBalanceReceivingMaterialsUnitUnitReportQuantityRequisitionQuantityAmountDateQuantityAmountPricepriceNumberNumberMay 1270$8$2,160$102,160 V25190May 427081901,900 V104,060 x460 X4,060 X102310May 10103113012May 21460 x101,560 X130121,560 V1151801,380 XMay 27180 X121,560 x

FIFO is an inventory valuation method where a first in first out approach is followed. Under this…

Answered: Cost of Materials Issuances Under the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Issued Materials Requisition Number Report Number 23 +A 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 Issued Quantity 380 230 LA Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 000000 Balance Unit price c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. $8 000000 Balance Amount $2,720 000000 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Entry for issuing materials Instructions Instructions Materials issued are as follows: Requisition No. 201 202 203 Chart of Accounts 204 205 Material Aluminum Plastic Rubber Glue Steel E Job No. 500 503 504 Indirect 510 General Journal Amount $976,000 379,400 187,700 170,000 619,000 Required: Journalize the entry on Dec. 31 to record the issuance of materials.
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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO Received Issued Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time
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Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
Required information Exercise 8-33 & 8-34 (Algo) (LO 8-2, 3) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 970 347 Quantity information is obtained from the manufacturing records and includes the following. 14,330 6,997 Costs of goods transferred out Costs in ending inventory 700 units (70% complete as to materials, 55% complete as to conversion) 4,500 units 1,400 units (50% complete as to materials, 20% complete as to conversion) Exercise 8-34 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the cost of goods transferred out and the ending…
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ACC-320 Milu-. "F alLIIdOCA PART-II Mid-term Exam 1) Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: (15 Marks) Work-in-process Inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labour Indirect manufacturing labour Property taxes on manufacturing plant building Salespersons' company vehicle costs Amortization of manufacturing equipment Amortization of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs $140,400 171,000 540,000 510,000 378,000 84,000 480,000 186,000 28,800 12,000 264,000 123,600 135.000 92,400 305,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter. 2) Berhannan's Cellular sells phones for $100.…

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