Homework Help is Here – Start Your Trial Now!
Business
Accounting
Make a system for recording the cost of raw materials using the complete Perpetual method

Make a system for recording the cost of raw materials using the complete Perpetual method

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Make a system for recording the cost of raw materials using the complete Perpetual method
Known transactions at the company PT. Wahid for the December 2019 period as follows: 1. Initial inventory 10,000kg @ IDR 10,000 5. Purchase 5,000kg @ IDR 11,000 6. Usage 9000kg 10. Purchase 1000kg @IDR 12,000 11. Usage 2000kg 12. Usage 1000kg 20. Purchase 5,000kg @ Rp 12,000 25. Usage 500kg Special Remarks: • Materials used on December 6, 2019, came from initial inventory of 6,000kg and purchases on December 5, 2019 of 3,000kg • Usage on December 11, 2019, comes from initial inventory of 1000kg • Usage on December 12, 2019, came from the purchase of raw materials on December 10, 2019 as much as 1000kg • Materials used on December 25, 2019, came from beginning inventory Requested: 1. Make a system for recording the cost of raw materials using the complete Perpetual and Periodic method.
Transcribed Image Text:Known transactions at the company PT. Wahid for the December 2019 period as follows: 1. Initial inventory 10,000kg @ IDR 10,000 5. Purchase 5,000kg @ IDR 11,000 6. Usage 9000kg 10. Purchase 1000kg @IDR 12,000 11. Usage 2000kg 12. Usage 1000kg 20. Purchase 5,000kg @ Rp 12,000 25. Usage 500kg Special Remarks: • Materials used on December 6, 2019, came from initial inventory of 6,000kg and purchases on December 5, 2019 of 3,000kg • Usage on December 11, 2019, comes from initial inventory of 1000kg • Usage on December 12, 2019, came from the purchase of raw materials on December 10, 2019 as much as 1000kg • Materials used on December 25, 2019, came from beginning inventory Requested: 1. Make a system for recording the cost of raw materials using the complete Perpetual and Periodic method.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS