Fill in the missing items for the following inventories;Beginning balance$15,300$34,600$18,000Ending balance13,50029,00015,000Transferred in45,000Transferred out83,000.20,000

The ending balance of the inventory is the balance that is available after deducting the transferred…

Answered: Fill in the missing items for the…

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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Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
Problem 1 Perpetual Inventory: Shortage, Entries. Canada Pipe Company uses a perpetual inventory system. The items on hand are inventoried on a rotation basis throughout the year so that all items are checked twice each year. At the end of the year, the following data relating to goods on hand are available: From Perpetual Inventory Units From Physical Count (units) 390 Product Unit Cost P12 A.. 450 B.. 1,500 2,000 8,000 13,000 5 1,520 1,950 7,980 13,100 ...... D....... E. . 426
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
6-9 P company has developed the following data to assist in controlling one of its material inventory items: Economic order quantity 1,000 liters Average daily use 100 liters Maximum daily use 120 liters Working days per year 250 days Safety stock 140 liters Cost of carrying inventory P1.00 per liter per year Lead time 7 working days What is the reorder points? a. 830 liters O b. 840 liters 800 liters O d. 900 liters 7. 'what is the average inventory? 9. What is the cost of placing an order? О а. 740 liters О а. Р 25 O b. 700 liters O b. P 35 O c. 650 liters О с. Р30 O d. 640 liters O d. P 20 8. What is the maximum inventory assuming normal lead time and usage? O a. 1,400 liters O b. 1,240 liters Oc. 1,140 liters d a 001
Sned rer Com uapraces coting system Beginning inventory for January consisted of 1,600 units that were 62% completed. 10,800 units were m the process during January During January, 10,500 units were completed. How many units were in ending inventory on January 31?
Kelly Company had finished goods inventory $3,200 on January 1 and $4,000 on December 31. During the year, cost of goods sold was $14,200. Cost of goods manufactured was: bage O a. $21,400 O b. $11,000 O c. $15,000 O d. $17,400 cianmont Groun Accionmont on Joh ype here to search W S £ E D $ C O HI R F % 5 G O G 6 # B C & 7 H N W 9 M N Time left 0:462 0 Next page PH 27°C Ligh
Production data show 23,185 units were transferred out of a stage of production and 9,366 units remained in ending WIP inventory that was 100% complete to material and 52% complete to conversion. The unit material cost is $2 for material and $9 for conversion. What is the amount of inventory transferred out? Round to the nearest whole dollar, no decimals.
40) Beginning inventory and direct material costs added during the month total $55,000. What is the value of the ending work in process inventory if the beginning inventory was 2,000 units; 9,000 units were started, and 1,000 units were in ending inventory? $50,000 $1,000 $5,000 $55,000
Production data show 27,626 units were transferred out of a stage of production and 7,834 units remained in ending WIP inventory that was 100% complete to material and 47% complete to conversion. The unit material cost is $8 for material and $4 for conversion. What is the amount of inventory transferred out? Round to the nearest whole dollar, no decimals.
Complete: Round to Nearest Current Assets Amount Hundredth Percent Cash $ 12,000 % Accounts receivable 9,000 % Prepaid rent Merchandise inventory 5,000 $ 28.000 Total current assets 100 %
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…
A company uses the weighted average method for inventory at the end of the period 20,000 units were in the end he work in process inventory in or 100% complete for materials and 85% complete for conversion the quality cost per unit or materials $2.75 in conversion $2.26 computer cost would be assigned to the end he work in process inventory for the.

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Fill in the missing items for the following inventories; Beginning balance $15,300 $34,600 $18,000 Ending balance 13,500 29,000 15,000 Transferred in 45,000 Transferred out 83,000. 20,000