Prepare tne stores ledger account showing how issues and closing stockbalance will be recorded under standard price method. The debit balạnce ofMaterial variance is 1,000 on 1st November 2010. The following are the purchasesand issues made during November 2010.November 2010Quantity1,000 units· 500 units400 units800 units400 units1,000 units700 unitsRateOpening balancePurchased1114125Purchased13Issued7Issued :10Purchased18Issued20Issued200 units25Purchased400 units1129Issued300 unitsCalculate the Material price variance at the end of November 1998.14

Name: Prepare tne stores ledger account showing how issues and closing stoc
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Prepare tne stores ledger account showing how issues and closing stockbalance will be recorded under standard price method. The debit balạnce ofMaterial variance is 1,000 on 1st November 2010. The following are the purchasesand issues made during No

A store ledger account shows how much inventory has been purchased during the period and how much…

Business

Accounting

Prepare tne stores ledger account showing how issues and closing stock balance will be recorded under standard price method. The debit balance of Material variance is 1,000 on 1st November 2010. The following are the purchases and issues made during November 2010. Rate Quantity 1,000 units 500 units 400 units 800 units November 2010 Opening balance Purchased 1 11 4 12 Purchased 13 6 Issued Issued : Purchased 400 units 1,000 units 700 units 7. 10 14 18 Issued 20 Issued 200 units 25 Purchased 400 units 11 29 Issued 300 units Calculate the Material price variance at the end of November 1998.

Prepare tne stores ledger account showing how issues and closing stock balance will be recorded under standard price method. The debit balance of Material variance is 1,000 on 1st November 2010. The following are the purchases and issues made during November 2010. Rate Quantity 1,000 units 500 units 400 units 800 units November 2010 Opening balance Purchased 1 11 4 12 Purchased 13 6 Issued Issued : Purchased 400 units 1,000 units 700 units 7. 10 14 18 Issued 20 Issued 200 units 25 Purchased 400 units 11 29 Issued 300 units Calculate the Material price variance at the end of November 1998.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 28 units @ $30 840 Nov. 28 Purchase 46 units @ $37 1,702 98 units $3,310 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost using the FIFO method. b. Determine the inventory cost using the LIFO method. c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase
Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Jan. Feb. Mar. Transaction Number of Units 9,000 21,000 10,250 5,750 3,500 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 16 28 5 Purchase 14 25 30 Purchase Sale Sale Sale Purchase Sale 39,500 15,000 10,000 25,000 30,000 10,000 19,000 Per Unit $60.00 70.00 140.00 140.00 140.00 75.00 150.00 150.00 82.00 150.00 88.40 150.00 Total $540,000 1,470,000 1,435,000 805,000 490,000 2,962,500 2,250,000 1,500,000 2,050,000 4,500,000 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your…
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of May: Inventory, May 1 58 units @ $18 Purchase: Мay 7 48 units @ $20 May 18 61 units @ $21 May 27 40 units @ $22 During May, Oppenheimer sold 133 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 133 units sold, 49 cost $18, 34 cost $20, 46 cost $21, and 4 cost $22. $ 2. FIFO %$4 3. LIFO 2$ 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)
Assume that Wally World uses a perpetual weighted average inventory system. During the period, it had two sales. Calculate the average cost per unit on hand as of June 30 when it made its second sale. Jun 1 Beginning Inventory 10 @ $12 Purchase 10 @ $15 Sale units Purchase 10 @ $18 8 units Jun 5 Jun 8 Jun 28 Jun 30 Sale O $10/unit O $15.375/unit O $15/unit O $13.50/unit