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

See similar textbooks

Similar questions

SELLING PRICE PER UNIT 200 OPERATING INCOME 42,000 IN 2018 Variable expenses per unit: Direct Material $20Direct Labour $50Variable Manufacturing Overhead $10Fixed expenses: Fixed Manufacturing Overhead $125,000Fixed Selling Costs $75,000Fixed Administrative Costs $100,000 CALCULATE THE NUMBER OF UNITS SOLD IN 2018 USING THE EQUATION METHOD.
1. Fruit Tea's data show the following information: Aug. 25,000 31 1.75 Estimated sales (units) Sales price per unit Direct labor per unit unit $ $ Labor rate per hour $ C. Direct materials budget d. Direct labor budget Sept. 25,000 31 $ $ $ 21 $ Nov. Dec. 27,500 28,000 $ $ 31 $ 31 1.75 $ 1.75 $ 1.50 $ 1.50 $ 1.50 1.50 $ 21 $ 24 $ 24 $ 24 Oct. 27,000 31 New machinery will be added in October. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month's requirements. Direct material requires 2.5 pounds per unit at a cost of $5 per pound. The ending inventory required for direct materials is 20% of the next month's needs. In August, the beginning inventory is 3,750 units of finished goods and 13,125 pounds of materials. For the first quarter ending in October prepare a: a. Sales budget b. Production budget 4
Subject: accounting
Q21 Mixing Company manufactured 2,200 units of its only product during 2022. The inputs for this production are as follows: 520 pounds of Material A at a cost of $2.20 per pound 370 pounds of Material H at a cost of $3.45 per pound 580 direct labor hours at $48 per hour The firm manufactured 2,268 units of the same product in 2021 with the following inputs: 540 pounds of Material A at a cost of $1.40 per pound 400 pounds of Material H at a cost of $2.70 per pound 450 direct labor hours at $18 per hour In 2021, the partial financial productivity of direct labor is: Multiple Choice 0.28. 5.04. 4.48. 0.25. 5.60.
Q25 Mixing Company manufactured 1,098 units of its only product during 2022. The inputs for this production are as follows: 610 pounds of Material A at a cost of $1.50 per pound 460 pounds of Material H at a cost of $3.55 per pound 620 direct labor hours at $52 per hour The firm manufactured 3,000 units of the same product in 2021 with the following inputs: 660 pounds of Material A at a cost of $2.00 per pound 520 pounds of Material H at a cost of $3.30 per pound 560 direct labor hours at $50 per hour In 2022, the partial financial productivity of Material A is: Multiple Choice 1.20. 1.10. 0.44. 1.15. 0.97.
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
5
35- ABC production company calculates production costs according to the phase cost system. The information of the business for the period of June 2021 is as follows: According to the information given above, what is the share of general production expenses in the cost of end-of-period semi-finished products? a) 96,000 TL B) 1.870.000 TL NS) 360.000 TL D) 192.000 TL TO) 648,000 TL
im.2
Case 2Al Ahlia detergent company purchased 4500 units of raw material for annual usage. Thepurchase price per unit RO 100 and annual carrying cost is 15%. The cost of placing an order isRO. 1200. Calculate a. Economic Order Quantityb. No of orders per yearc. Economic Order Frequency
Compute the conversion cost charged to work in process account 125,000 50,000 53,000 103,000
Please do not give solution in image format thanku