Lockout Company revealed the following inventory transactions:Jan. 1 Beginning balance, 16,000 units @ P1405 Purchased 4,000 units @ P15010 Issued 15,000 units to production15 Purchased 20,000 units @ P16016 Returned 1,000 units to supplier fromJanuary 15 purchase25 Issued 8,000 units to production26 Production returned 4,000 units tostoreroom from the January 25 issue31 Purchased 30,000 units @ P150What is the cost of the inventory on January 31 using FIFO method? The following cost data relate to the manufacturing activities of the Kamas Company during the most recentyear. Factory overhead coata incurred during the year:Property taxes - factoryUtilities - factoryP 1,6002,6005,10013,0002,500P24,800Indirect laborDepreciation - factoryInsurance - factoryTotal Actual FOH costsOther coata incurred during the year:Purchases of raw materialsDirect labor costP 15,00022,000Inventoriea:Raw materials, beginningRaw materials, endingWork-in-process, beginningWork-in-process, endingP5,0004,4003,5004,500The company uses a predetermined overhead rate to charge overhead cost to production. The rate for theyear just completed was P4.00 per machine-hour; a total of 6,000 machine-hours wers, recorded for theyear. Compute for the cost of goods manufactured for the year.

Name: Lockout Company revealed the following inventory transactions:Jan. 1
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Description: Lockout Company revealed the following inventory transactions:Jan. 1 Beginning balance, 16,000 units @ P1405 Purchased 4,000 units @ P15010 Issued 15,000 units to production15 Purchased 20,000 units @ P16016 Returned 1,000 units to supplier fromJanu

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Lockout Company revealed the following inventory transactions: Jan. 1 Beginning balance, 16,000 units @ P140 5 Purchased 4,000 units @ P150 10 Issued 15,000 units to production 15 Purchased 20,000 units @ P160 16 Returned 1,000 units to supplier from January 15 purchase 25 Issued 8,000 units to production 26 Production returned 4,000 units to storeroom from the January 25 issue 31 Purchased 30,000 units @ P150 What is the cost of the inventory on January 31 using FIFO method?

Lockout Company revealed the following inventory transactions: Jan. 1 Beginning balance, 16,000 units @ P140 5 Purchased 4,000 units @ P150 10 Issued 15,000 units to production 15 Purchased 20,000 units @ P160 16 Returned 1,000 units to supplier from January 15 purchase 25 Issued 8,000 units to production 26 Production returned 4,000 units to storeroom from the January 25 issue 31 Purchased 30,000 units @ P150 What is the cost of the inventory on January 31 using FIFO method?

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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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. t 3 of 3 Date January 1 Activities January 10 January 20 kipped January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = 130 units @ 275 units @ 580 units Units sold at Retail $ 1,750 135 units @ $ 19.00 $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units eBook Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list View journal entry worksheet No 1 Date January 10 General Journal Accounts receivable Sales 2 January 10 Cost of goods sold…