Need your help with question If there were 66,000 pounds of raw materials onhand on January 1, 185,000 pounds are desiredfor inventory at January 31, and 360,000 poundsare required for January production, how manypounds of raw materials should be purchased inJanuary?a. 270,000 pounds.b. 479,000 pounds.c. 150,000 pounds.d. 310,000 pounds.

Explanation of Raw Material Purchases:Raw material purchases refer to the amount of raw materials…

Answered: If there were 66,000 pounds of raw…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11PB: Production information shows these costs and units for the smoothing department in August. What is...

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Production estimates for July for Starling Co. are as follows: Estimated inventory (units), July 1 8,500 Desired inventory (units), July 31 10,500 Expected sales volume (units), July 76,000 For each unit produced, the direct materials requirements are as follows: Material A ($5 per lb.) 3.0 lbs. Material B ($18 per lb.) 0.5 lb. The total direct materials purchases of Materials A and B (assuming no beginning or ending materials inventory) required for July production is a.$1,125,000 for A; $675,000 for B b.$1,080,000 for A; $1,296,000 for B c.$1,170,000 for A; $702,000 for B d.$1,080,000 for A; $648,000 for B
The following data pertains to Western Company’s materials inventory: Number of pounds required annually 16,000 Cost of placing an order P20 Annual carrying cost per pound of material P4What is the EOQ?
PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average
Required: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct material
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At the beginning of the month raw materials inventory was £30,000, during the month £257,000 of raw materials were purchased. A count at the end of the month revealed that £25,000 of raw material was still present. What is the cost of direct material used? A. £400,000 B. £282,000 C. £262,000 D. £272,000
Lovely Manufacturing has scheduledproduction as follows for the next several months:Months ProductionJanuary 1,000February 1,200March 1,400Assume that it takes two pounds of raw material to make one finished unit and that ending inventory of raw materials for any month is scheduled to be 25% of next month production needs. 34. The desired ending inventory of raw materials in pounds for February is:a. 350b. 200c. 1,400d. 50035. The pounds of raw materials purchased during January is:a. 1.000b. 2,000c. 2,100d. 2.60036. The pounds of raw materials used for February production isa. 2.400b. 2,500c. 3,000d. 3,100
Gillman Co. is forecasting sales of 62,000 units of products for August. To make one unit of finished product, 5 pounds of raw materials are required. Actual beginning and desired ending inventories of raw materials and finished goods are: August 1 (Actual) August 30 (Desired) Raw materials (pounds) 74,700 68,200 Finished goods (units) 5,900 8,300 a. Calculate the number of units of product to be produced during August. b. Calculate the number of pounds of raw materials to be purchased during August.
The cost of goods sold for the year ended December 31, 2021 would be a. 1,500,000 b. 1,650,000 c. 1,610,000 d. 1,480,000
Use the following information for questions 33-36: Lovely Manufacturing has scheduled production as follows for the next several months: Months Production January 1,000 February 1,200 March 1,400 Assume that it takes two pounds of raw material to make one finished unit and that ending inventory of raw materials for any month is scheduled to be 25% of next month production needs. 1.The pounds of raw materials purchased during January is? 2. The pounds of raw materials used for February production is?
Costs per equivalent unit: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, July 1 Costs incurred in July Total costs accounted for by the Roasting Department Cost allocated to completed and partially completed units: Inventory in process, July 1 balance To complete inventory in process, July 1 Cost of completed July 1 work in process Started and completed in July Transferred to Packing Department in July Inventory in process, July 31 Total costs assigned by the Roasting Department Direct Materials Direct Materials ||| Conversion Conversion 000 $ Total
Production information shows these costs and units for the smoothing department in August. What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at the end of the month, assuming conversion costs are 30% complete?

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