Dec. 03,2021Dec. 05,2021Dec 10,2021Dec 12,2021Dec 15,2021Dec 18,2021Dec 20,2021Raw material purchasesRaw material purchasesRaw material purchasesIssued to productionRaw material purchasesRaw material purchasesIssued to production3,000 units, each costing $2.002,500 units, each costing $2.103,200 units, each costing $2.007,500 units3,200 units, each costing $2.253,500 units each costing $2.107,000 units 2) A manufacturing company uses FIFO (First In First Out) method of valuing its inventory andissues. Its products are normally sold in the market during Christmas. To meet the market demand, thecompany purchased raw materials in many lots and issued to production. Below transactions were givenfor December 2021.You are required to calculate the value of closing stock at the end of December 2021.

Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Dec. 03,2021 Raw material purchases Dec. 05,2021 Raw material purchases Raw material purchases Dec 10,2021 Dec 12,2021 Issued to production Dec 15,2021 Dec 18,2021 Dec 20,2021 Raw material purchases Raw material purchases Issued to production 3,000 units, each costing $2.00 2,500 units, each costing $2.10 3,200 units, each costing $2.00 7,500 units 3,200 units, each costing $2.25 3,500 units each costing $2.10 7,000 units

Dec. 03,2021 Raw material purchases Dec. 05,2021 Raw material purchases Raw material purchases Dec 10,2021 Dec 12,2021 Issued to production Dec 15,2021 Dec 18,2021 Dec 20,2021 Raw material purchases Raw material purchases Issued to production 3,000 units, each costing $2.00 2,500 units, each costing $2.10 3,200 units, each costing $2.00 7,500 units 3,200 units, each costing $2.25 3,500 units each costing $2.10 7,000 units

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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Work in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. The total manufacturing costs incurred in the current year are a.$302,000 b.$291,500 c.$275,750 d.$233,750
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4. A manufacturing organization had 6000 Kg. of direct material with total cost of Rs. 600,000 as at April 1, 2019. During the month two times direct material was purchased. On Aprol 5, 2019 10,000 Kg. of direct material was purchased @ Rs. 104.8 per Kg. and on April 20, 2019 12000 Kg. of direct material was purchased at a total cost of Rs. 1320,000. During the month 25000 Kg. of direct material was used in production (Assume only one type of material is used in production) and direct labour cost of Rs. 1250,000 and factory overhead cost of Rs. 1100,000 was incurred. On April 1, 2019 cost of work in process inventory was Rs. 500,000 and on April 30, 2019 cost of work in process inventory was Rs. 400,000. Required: Calculate cost of direct material used during April 2019, cost of direct material inventory as at April 30, 2019, cost of goods manufactured during April 2019 assuming periodic inventory system under each of the following methods separately:…
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Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
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Compute for the Economic order quantity, assuming the no of units of materials required annually 20,000 cost of placing the order P29.00, Annual Carrying cost of inventory P 5.4
ABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21 Direct materials (DM) P36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the March 2021 are as follows:DM purchased P84,000Factory overhead per DLhour P10.00Freight-out 2,000Selling expenses 15,000Direct Labor (DL) payroll 60,000Administrative expenses 17,000DL rate per hour 7.50 For the month of March 2021, PRIME cost was:A. P90,000B. P120,000C. P144,000D. P150,000
Hw.52. The manufacturing concern has the following data available for the month of March 2020:Total manufacturing cost Rs. 10,000Total cost of goods manufactured Rs.15,500Cost of material purchased Rs.3,500Direct Labour Rs.2,100Direct material_ Begining Rs.3,100Direct material Ending Rs.600The amount of FOH must be RS. O a. 1,900 O b. 2,000 O C. 2,900 • d. 2,100
Information concerning sales and production for ABC Co. for November 2019 are summarized asfollows:A. Estimated Sales:Product X: 80,000 units at $60, per unitProduct Y: 40,000 units at $130 per unitB. Estimated inventories, November 1, 2019Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000Material B: 7,000 lbs Product Y: 5,400 units at $70 per unit 378,000Total $582,000C. Desired inventories at November 30,2019Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000Material B: 5,000 lbs Product Y: 4,000 units at $70 per unit 280,000Total $450,000D. Direct materials used in productionProduct X Product YMaterial A 1.4 lbs per unit 7.0 lbs per unitMaterial B 2.4 lbs per unit 3.6 lbs per unitE. Unit costs for direct materialsMaterial A: $ 8.0 per lbMaterial B: $ 4.0 per lbF. Direct labor requirementsDepartment 1 Department 2Product X 0.8 hr per unit 0.30 hr per unitProduct Y 1.2 hr per unit 0.50 hr per unitWhat to do:1. Prepare a sales budget for November2.…
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QUESTIONS FOURThe following information was provided by Dzemkple Limited for the two weeks month ofAugust, 2018 for material ZorklaleyStock on 01/08/2018 100 units @ GHc 5 per unitDATE PURCHASES DATE ISSUES05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 unitsYou are required to calculate using FIFO and Weighted Average methods of pricing issues:(a) The value of materials consumed during the period(b) The value of stock of materials on the 31/08/2018