June 1 Beg. Balance: 750 units @P20 3 Purchased 400 units @P19.50 4 Issued 600 units 10 Purchased 350 units @P21.50 15 Issued 500 units Purchased 500 units @P22 Issued 400 units 26 Purchased 500 units @P21 27 Issued 650 units 31 Purchased 200 units @P20

June 1 Beg. Balance: 750 units @P20 3 Purchased 400 units @P19.50 4 Issued 600 units 10 Purchased 350 units @P21.50 15 Issued 500 units Purchased 500 units @P22 Issued 400 units 26 Purchased 500 units @P21 27 Issued 650 units 31 Purchased 200 units @P20

Name: 8.Using FIFO- perpetual method, the cost of Raw materials inventory at
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Description: 8.Using FIFO- perpetual method, the cost of Raw materials inventory at the end of June amounts to* June 1 Beg. Balance: 750 units @P203 Purchased 400 units @P19.504 Issued 600 units10 Purchased 350 units @P21.5015 Issued 500 unitsPurchased 500 units

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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en H [The following information applies to the questions displayed below] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 January 9 Total January Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per unite unit 60 at $2.70 100 at 5 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $2.50 2.70 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per whit Number of units 270 at 30 at 60 at $ 270 = 100 at Saved $ 270- $ 284- $ 270 $ 284 Inventory Balance 162.00 $ 162.00
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
prepare a costs of good schedule
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Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using moving average method, the total cost of raw materials issued on June 15 amounts to:(two decimal places for unit cost; round of final answer - nearest peso)