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.

Name: EXERCISESExercise 1: Materials Cost - Forms and Records. UsedMatch th
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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

The student has posted multiple questions. As per Bartleby's guidelines, we are required to solve…

Business

Accounting

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

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 21Q

See similar textbooks

Similar questions

Normally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the materials account in the general ledger?
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
Explain how each activity in this list can be associated with the corresponding unit or batch level provided. A. Assembling products: unit level B. Issuing raw materials: batch level C. Machine setup: batch level D. Inspection: unit level E. Loading the labeling machine: batch level F. Equipment maintenance: batch level G. Printing a banner: unit level H. Moving material: batch level I. Ordering a part: batch level
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. B. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
Explain how each activity in this list can be associated with the corresponding unit or batch level provided. A. Assembling products: batch level B. Issuing raw materials: unit level C. Machine setup: unit level D. Inspection: batch level E. Loading the labeling machine: unit level F. Equipment maintenance: unit level G. Printing a banner: batch level H. Moving material: unit level i. ordering a part: unit level
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. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Feedback
An incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.
DOCUMENT FLOWCHARTPrepare a flowchart that illustrates the sequence in which the followingsource documents are prepared.a. Bill of materialsb. Sales forecastc. Materials requisitiond. More tickete. Production schedulef. Route sheetg. Work orde
Please help with this question that is attached Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
1. DOCUMENT FLOWCHART Prepare a flowchart that illustrates the sequence in which the following source documents are prepared. a. Bill of materials b. Work order c. Sales forecast d. Materials requisition e. Move ticket f. Production schedule g. Route sheet
Which of the following would be included in the journal entry to record the requisition of indirect materials? a. Debit to Manufacturing Overhead b. Debit to Materials inventory c. Debit to Finished Goods Inventory d. Debit to Work in process inventory
The document authorizing the issuance of materials from the storeroom is the O A. Receiving report B. Materials requisition O C. Purchase requisition O D. Purchase order