Jonson Inc. shows the following data for its raw material inventory used in a manufacturing process. Date Oct. 1 Oct. 4 Oct. 5 Oct. 20 Oct. 24 Oct. 31 Inventory (beginning). Purchase Transfer out. Purchase Transfer out.. Purchase Units 4,000 3,000 5,000 8,000 7,000 3,000 a. Moving Average-Perpetual system. b. FIFO Perpetual system. Unit Cost $14.00 15.40 16.00 16.80 Required Compute cost of materials transferred out (to work in process) and the cost of its raw materials ending inventory assuming use of: c. LIFO Perpetual system.
Jonson Inc. shows the following data for its raw material inventory used in a manufacturing process. Date Oct. 1 Oct. 4 Oct. 5 Oct. 20 Oct. 24 Oct. 31 Inventory (beginning). Purchase Transfer out. Purchase Transfer out.. Purchase Units 4,000 3,000 5,000 8,000 7,000 3,000 a. Moving Average-Perpetual system. b. FIFO Perpetual system. Unit Cost $14.00 15.40 16.00 16.80 Required Compute cost of materials transferred out (to work in process) and the cost of its raw materials ending inventory assuming use of: c. LIFO Perpetual system.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
Related questions
Question
![Problem 9-72
Perpetual System-
Computing Inventory
and Costs of Goods
Transferred Out Using
Moving Average, FIFO, and
LIFO LOS
MBC
Jonson Inc. shows the following data for its raw material inventory used in a manufacturing process.
Date
Oct. 1
Oct. 4
Oct. 5
Oct. 20
Oct. 24
Oct. 31
Inventory (beginning)
Purchase
Transfer out.
Purchase
Transfer out.
Purchase
Units
4,000
3,000
5,000
8,000
7,000
3,000
a. Moving Average-Perpetual system.
b. FIFO Perpetual system.
Unit Cost
$14.00
15.40
16.00
16.80
Required
Compute cost of materials transferred out (to work in process) and the cost of its raw materials ending inventory
assuming use of:
c. LIFO Perpetual system.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf019715-463c-43e2-83f6-e22af19edc6b%2F5c0fa321-1081-4986-9b3e-bf5410c33d5d%2Fgk5bcri_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 9-72
Perpetual System-
Computing Inventory
and Costs of Goods
Transferred Out Using
Moving Average, FIFO, and
LIFO LOS
MBC
Jonson Inc. shows the following data for its raw material inventory used in a manufacturing process.
Date
Oct. 1
Oct. 4
Oct. 5
Oct. 20
Oct. 24
Oct. 31
Inventory (beginning)
Purchase
Transfer out.
Purchase
Transfer out.
Purchase
Units
4,000
3,000
5,000
8,000
7,000
3,000
a. Moving Average-Perpetual system.
b. FIFO Perpetual system.
Unit Cost
$14.00
15.40
16.00
16.80
Required
Compute cost of materials transferred out (to work in process) and the cost of its raw materials ending inventory
assuming use of:
c. LIFO Perpetual system.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 6 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Corporate Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337398169/9781337398169_smallCoverImage.gif)
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
![Corporate Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305653535/9781305653535_smallCoverImage.gif)
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning