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 Fito Received Issued Materials Receiving Report Number 25 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 Requisition Number. 106 119 b. Determine the materials inventory balance at the end of May Issued Quantity 340 200 Issued Amount Balance Date May 1 May & May 10 May 21 May 27 11000000 Balance Quantity e. Journalue the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it bank Balance Unit price 19 Balance Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before a) causes de 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 Fito Received Issued Materials Receiving Report Number 25 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 Requisition Number. 106 119 b. Determine the materials inventory balance at the end of May Issued Quantity 340 200 Issued Amount Balance Date May 1 May & May 10 May 21 May 27 11000000 Balance Quantity e. Journalue the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it bank Balance Unit price 19 Balance Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before a) causes de 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 FIFOReceivedIssuedMaterialsRecei

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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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. ReceivedReceivingReportNumber ReceivedQuantity ReceivedUnitPrice IssuedMaterialsRequisitionNumber IssuedQuantity IssuedAmount BalanceDate BalanceQuantity BalanceUnitprice BalanceAmount May 1 360 $7 $2,520 26 250 $9 May 4 fill in the blank 1 of 20 fill in the blank 2 of 20 fill in the blank 3 of 20 fill in the blank 4 of 20 fill in the blank 5 of 20 fill in the blank 6 of 20 102 410 fill in the blank 7 of 20$ May 10 fill in the blank 8 of 20 fill in the blank 9 of 20 fill in the blank 10 of 20 32 170 11 May 21 fill in the blank 11 of 20 fill in the blank 12 of 20 fill in the blank 13 of 20 fill in the blank 14 of 20 fill in the blank 15 of 20 fill in the blank 16…
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
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Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
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