Information: The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production: Jan 01 08 12 15 18 25 27 Stock of component X on hand Issued to production Purchased from supplier Returned to supplier (purchased on 12 January 2022) Issued to production Purchased from supplier Issued to production 150 units @ R24 per unit 110 units 200 units @ R25 per unit 30 units 170 units 140 units @ R26 per unit 130 units Required: Calculate the value of closing inventory on 31 January 2022 using the: 2.1.1 First-in-first-out (FIFO) method 2.1.2 Weighted Average Cost Method

Information: The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production: Jan 01 08 12 15 18 25 27 Stock of component X on hand Issued to production Purchased from supplier Returned to supplier (purchased on 12 January 2022) Issued to production Purchased from supplier Issued to production 150 units @ R24 per unit 110 units 200 units @ R25 per unit 30 units 170 units 140 units @ R26 per unit 130 units Required: Calculate the value of closing inventory on 31 January 2022 using the: 2.1.1 First-in-first-out (FIFO) method 2.1.2 Weighted Average Cost Method

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

Q2. The new productive undertaking purchased from time-to-time quantities of commodities used in production of one of its products, the following details are available regarding the stock of materials and its movement during the three-Month period from December, January and February. There was no Opening stock for the month of December. Purchases done on 2 December 200 units @ 12 per unit, 8 December 150 units @14 per unit, 17 December 225 units @13 per unit 25 December 300 units @ 12 per unit and Issues were made on 3rd December 125 units, 15 December 200 units and 30 December 150 units. Stock on 1st January 150 units @OMR 22 per unit On January 4, Purchased 320 units @OMR 30 January 12, Purchased 215 units @OMR 35, January 15, Purchased 200 units @ OMR 40, January 28, Purchased 200 units @OMR 47, January 5, Issued 225 Units, January 14, Issued 190 units, January 20, Issued 200 units, January 25, Issued 250 units, January 30, Issued 90 units. Stock on Ist February 130 units @ OMR 47…
ABC Ltd. has to decide whether to accept a special order or not for a certain product P using spare 'capacity in respect of which the following information is given: Requirements In Stock Book Replacement Value Cost per kg. Realisable value per kg. Materials Material A (in for production) 500 kg 250 kg 77 73 use 1,250 Material B (not currently use) 1,500 kg 700 kg 73 71.50 in 1,400 Fixed overhead is absorbed of 7 10 per unit. In the given decision context; identify the following : SI. No. Item Value (?) II (1) Relevant cost of 500 kg of A Relevant cost of 1,500 kg of B (ii) (ii) (iv) Relevant fixed overheads Opportunity cost of 800 kg of B not in stock (v) Relevant cost of 20 kg of A damaged in stock
Please do not give solution in image format thanku
please give me an answer to these few short questions asap the questions are attached below as an image
The following information relates to the only product made by Mario Traders for the year ended 31 July 2022:Opening inventory 0Number of units manufactured 945 000Number of units sold (at R310 per unit) 756 000Direct materials cost per unit R94Direct labour cost per unit R123Variable manufacturing overheads cost per unit R92Variable selling expenses per unit R22Fixed manufacturing overheads cost R18 900 000Fixed selling and administrative expenses R15 750 000 1. Draft the income statement for the year ended 31 July 2022 using the Absorption costing method
Please answer required a,b
The following is an extract of records of the manufacturing concern ABC Ltd, who has approached you for assistance. Inventory on 1 January 2018: Finished product R12000 WIP R20000 Direct Materials R35000 Inventory on 31 December 2018: Finished product R12000 WIP R20000 Direct Materials R24250 Sales = R310’000 Direct Material purchases = R17’000 Freight on Direct Material = R1250 Direct labour for the year was R29’000 The following overheads were incurred for the period: Rent = R22000 Indirect Labour = R9500 Indirect Materials = R7500 Water and Lights = R8000 Telephone = R5000 A total of 50% of the overheads was used in the production facility. Required: Calculate Costs of goods manufactured R90 000 R88 000 R84 000 R80 000 None of the above
Clarkson corp, a lamp manufacturer provided the following information for the year ended December 31, 2024 Requirements - 1) use the information to prepare a schedule of cost of goods manufactured 2) what is the unit product cost if Clarkson manufactured 4310 lamps for the year?
Current Attempt in Progress Crane Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Product Cost Net realizable value A $119000 $127000 B 78000 C 151000 76000 O $346000 O $348000 O $369000 O $367000. 164000 D If Crane applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 255600 Opening stock of WIP 43800 Opening stock of FG 24000 Closing stock of WIP 19400 Closing stock of FG 940 units Total production units 5600 Select one: a. 263000 b. 257000 c. 293000 d. 295800
Ex) The following data were taken from the records of Santana company for the operating year ended in 31/12/2006 -Beginning raw materials inventory 7000 -Beginning work in process inventory 12000 -Purchases of raw materials 75000 -Purchases returns 1100 -Purchases allowance 900 -Purchases discounts 500 -Purchases expenses 2000 -Direct labor 66000 -Indirect materials 5500 -Indirect labor 8000 -Depreciation-Machinery 9000 -Maintenance-Machinery 11000 -Electricity 6500 -Heating and lighting 4000 -Ending raw materials inventory 14000 -Ended work in process inventory 9000 Ins:- 1-Prepare manufacturing account for the year ending in 31/12/2006. 2-Prepare manufacturing statement for the year ending in 31/12/2006. 37