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. Receiving Report Number 21 27 Received Quantity d. Comparing 240 160 Unit Price $8 10 Materials Requisition Number 107 120 Issued Quantity 380 230 b. Determine the materials inventory balance at the end of May. Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 340 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. 88 Unit price $6 Amount $2,040 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) [ causes idle time.

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. Receiving Report Number 21 27 Received Quantity d. Comparing 240 160 Unit Price $8 10 Materials Requisition Number 107 120 Issued Quantity 380 230 b. Determine the materials inventory balance at the end of May. Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 340 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. 88 Unit price $6 Amount $2,040 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) [ causes idle time.

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Description: 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.ReceivedReceivingReportNumb

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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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.
ces C Required information The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 45 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 January 25 January 30 Specific Id Purchase Sales Purchase Totals Complete this question by entering your answers in the tabs below. Weighted Average a) Specific Identification Beginning inventory Purchases: January 20 January 30 Total Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b)weighted average, (c) FIFO, and (d) LIFO: FIFO Units Acquired at Cost 155 units. @ $ 6.00 75 units @ $ 5.00 180 units 410 units LIFO # of units Cost…
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
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
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e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
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Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Sales Req 1 Req 2 to 4 Units Acquired at Cost 205 units @ $ 13.00 = 140 units @ $ 12.00 = Complete this question by entering your answers in the tabs below. 310 units @ 655 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 LAKER COMPANY For Month Ended January 31 Weighted Average $ 11.50 = 1. Compute gross profit for the month of January for Laker Company…
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