Inventory at 31st Dec 2020Time left 1:-ut ofJan 2020Raw Materials InventoryOMR 20,000OMR35,000Work in Process InventoryOMR 15,000OMR18,000Finished Goods InventoryOMR 30,000OMR20,000Additional information for the year is as follows:Raw materials purchasesOMR 100,000Direct laborOMR75,000Manufacturing overhead appliedOMR80,000Manufacturing overhead ActualOMR85,000Indirect materialsOMRCompute the adjusted cost of goods sold.

SOLUTION- PARTICULARS AMOUNT OPENING RAW MATERIAL 20000 Add Purchase 100000 Less…

Answered: Inventory at 31st Dec 2020 Jan 2020 Raw…

Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000

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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Current Attempt in Progress Vaughn Inc's accounting records reflect the following inventories: Raw materials inventory Work in process Inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $79000 $63000 O $1466000 O $1450000 $1387000 O $1434000 103000 100000 115000 92000 During 2022, Vaughn purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. (Assume that all raw materials used were direct materials.) What was the cost of raw materials transferred to production during 2022 for Vaughn?
Your company had the following chronological inventory transactions during 2019 and 2020: 2019 Beginning Inventory 20 units cost = $20.00 per unit Purchased 80 units cost = $21.00 per unit Sold 77 units selling price = $45.00 per unit Purchased 60 units cost = $21.60 per unit Sold 61 units selling price = $46.00 per unit Purchased 15 units cost = $22.00 per unit Ending Inventory 37 units 2020 Beginning Inventory 37 units ending inventory from 2019 Purchased 90 units cost = $22.40 per unit Sold 86 units selling price = $47.00 per unit Purchased 72 units cost = $23.00 per unit 74 units Sold selling price = $48.00 per unit Ending Inventory 39 units INSTRUCTIONS: A. Calculate the value of Ending Inventory which would appear on the balance sheet for EACH year using each of the following methods. Please show your work for the 37 units of 2019 and your work for the 39 units of 2020. Round all costs per unit to two decimals and show your final answer to the nearest penny. 1. Periodic FIFO for…
Current Attempt in Progress Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,380 660 Ending inventory $ Save for Later Quantities Cost of goods sold $ Sold 360 610 Balance 460 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Attempts: 0 of 1 used Submit Answer
Make a system for recording the cost of raw materials using the complete Perpetual method
Current Attempt in Progress At May 1, 2020, Concord Company had beginning inventory consisting of 200 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 870 units at $5,40 530 units at $7.00 The company sold 1160 units during the month for $14 per unit. Concord uses the average cost method. The average cost per unit for May is $5.900. $5,400. Ⓒ$6.400. Ⓒ$5.930.
Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
Complete the missing figures: Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year
Sheffield Corp!'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1420000 O $1408000 O $1309000 O $1315000 $200000 276000 270000 Dec. 31, 2022 $101000 294000 258000 During 2022, Sheffield purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much is total manufacturing costs incurred during 2022 for Sheffield?
Make a system for recording the cost of raw materials using the complete Periodic method.
17. Natomi Company uses the moving average cost method of valuing inventories. During August 2022, the following inventory details were recorded: Opening bal. 300 units valued at P20 each August 5 August 10 August 18 Purchase of 500 units at P24 each Issue of 400 units Purchase of 600 units at P25 each August 23 Issue of 250 units How much is the value of the month-end inventory for August 2022? A 17,678 В. 18,600 С. 18,000 D. 18,750 Numhers 18-19 17,678 18,600 18,000 18,750
On May 31, 2019, a fire completely destroyed the work-in-process inventory of Adler Paints. Physical inventory figures were published as follows: As of January 1, 2019 As of May 31, 2019 Raw Materials P15,000 P 30,000 Work-in-process P50,000 - Finished Goods P70,000 P 60,000 Sales for the first five months of 2019 were P150,000. Raw materials purchased were P50,000. Freight on purchased were P50,000. Freight on purchases was P5,000. Direct labor for the five months was P40,000. To determine the value of the lost inventory, the insurance adjusters have agreed to use an average gross profit rate of 32.5%. Assume that manufacturing overhead was 45% of direct labor cost. A. Compute the value of the goods manufactured and completed as of May 31, 2019. B. Compute the raw materials used during the first five months of 2019. C. Compute the total value of goods put in process during the five-month period. D. Compute the value of the destroyed…
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…