EXERCISESExercise 1: Materials Cost - Forms and Records. UsedMatch the following terms with the statements or phrases given below:Return shipping orderRequisition journalDelivery receiptBin tagPurchase orderReceiving and inspection reportBill of materialsMaterials ledger cardsRequisition summaryReturned materials reportRequisitionCost sheetsa. It is used for materials previously issued and are returned to storeroom.It is used to evidence returns to suppliersb.c. It is attached to materials container and used to show stock movements.d. A list of all the materials required to finish a job or product 90 Chapter IIIe. It shows that purchases being made are duly approved and is sent to suppliersthat the corresponding delivery may be made.f.It is a summary of materials issued from the storeroom and is used as a basis inmaking entry or entries.It is used for all items that go out of the company's compound.It shows the quantity, description and condition of goods received.It is addressed to the storekeeper for him to issue the items as enumerated therein.j. They are the subsidiary records to support the materials account in the generalledger.g.h.i.k.It minimizes the bookkeeping work in recording issuance of materials because onejournal entry can be made based on the footings therein.Exercise 2: Materials Cost - Forms and Records UsedYou are required to journalize the following transactions using the voucher system.Indicate the subsidiary records and forms to be used.Purchase of materials on account, P 35,000.a.b. Purchase returns, P 3,000C.Issuances from the storeroom:Direct materialsIndirectSOP 55,00012,000d. Excess direct materials returned to storeroom, P 1,250.Excess indirect materials returned to storeroom, P 400.

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Description: EXERCISESExercise 1: Materials Cost - Forms and Records. UsedMatch the following terms with the statements or phrases given below:Return shipping orderRequisition journalDelivery receiptBin tagPurchase orderReceiving and inspection reportBill of mat

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EXERCISES Exercise 1: Materials Cost - Forms and Records Used Match the following terms with the statements or phrases given below: Return shipping order Requisition journal Bill of materials Materials ledger cards Requisition summary Delivery receipt Returned materials report Requisition Cost sheets Bin tag Purchase order Receiving and inspection report 1 a. It is used for materials previously issued and are returned to storeroom. It is used to evidence returns to suppliers b. C. It is attached to materials container and used to show stock movements. d. A list of all the materials required to finish a job or product

EXERCISES Exercise 1: Materials Cost - Forms and Records Used Match the following terms with the statements or phrases given below: Return shipping order Requisition journal Bill of materials Materials ledger cards Requisition summary Delivery receipt Returned materials report Requisition Cost sheets Bin tag Purchase order Receiving and inspection report 1 a. It is used for materials previously issued and are returned to storeroom. It is used to evidence returns to suppliers b. C. It is attached to materials container and used to show stock movements. d. A list of all the materials required to finish a job or product

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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Question 13 Direct material costs are recorded: O Indirectly to Goods in Process account. O Indirectly to a Finished Goods account. O Directly to a Goods in Process account. O Directly to a Finished Goods account. O Directly to a Cost of Goods Sold account. Question 14 The purchase of raw materials on account in a process costing system is record O Debit to Purchases and credit to Cash. Debit to Purchases and a credit to Accounts Payable. Debit to Raw Materials Inventory and a credit to Accounts Payable.
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Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
Question 1
I - When direct materials are issued, the WIP Inventory account is debited. II - When indirect materials are purchased, the raw materials inventory account is debited. * A. T, F B. F, T C. T, T D. F, F
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DOCUMENT FLOWCHART Prepare a flowchart that illustrates the sequence in which the following source documents are prepared.bill of materialswork ordersales forecastmaterials requisition move ticketproduction schedule route sheet
9. Identify the costing method that is suitable for mines, quarries, cement works etc. a.Contract b.Batch c.Operation d.Process 10. Identify the journal entry for direct material returns to stores. a.Dr.Work in process inventory, Cr.Material inventory b.Dr.Material inventory, Cr.Factory overheads c.Dr.Factory overheads, Cr.Material inventory d.Dr.Material inventory, Cr.Work in process inventory
Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 201 Aluminum 500 $89,380 202 Plastic 503 25,330 203 Rubber 504 3,950 204 Glue Indirect 2,400 205 Steel 510 36,960 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. Work in Process Materials Finished Goods Factory Overhead Cash
Required information [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required 1 Required 2 Required information Complete this question by entering your answers in the tabs below. Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) Required information + Equivalent units of production Cost per equivalent unit of production Cost Assignment Beginning work in process To complete beginning work in process Assume that Tamar uses the FIFO method of process costing.…
Choose the journal entry 4. Record the cost of goods manufactured Dr Factory overhead; Cr Finished goods inventory Dr Work In process Inventory; Cr Finished goods Inventory Dr Finished goods inventory; Cr Work In process Inventory Dr Materials Inventory; Cr Work In process Inventory\ 5. Record the purchased Indirect Materials on account Dr Factory overhead inventory; Cr Accounts payable Dr Materials inventory; Cr Accounts payable Dr Factory overhead inventory; Cr Cash Dr Materials inventory; Cr Cash
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