Problem 1.a.: Computation of Direct Material Used. Akari Inc. provided the following information for its raw material inventory account at the end of the current month: Raw Materials (RM) Inventory Accounts $Accounts $ Beginning balance$22,600Direct materials (DM) used? Purchase$88,400Indirect materials used$7,600 Ending Balance$27,200 Required:Compute the missing information for the direct materials used during the current month. Solution:Formula: Beginning RM + RM Purchased = Total RM available for use - Ending RM = RM used - Indirect material used = DM used

The objective of the question is to calculate the amount of direct materials used during the current…

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Financial Accounting Intro Concepts Meth/Uses

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Chapter9: Working Capital

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Problem 27E

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Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for its raw material inventory account at the end of the current month:Raw Materials (RM) InventoryAccounts $ Accounts $Beginning balance $22,600 Direct materials (DM) used ?Purchase $88,400 Indirect materials used $7,600Ending Balance $27,200Required: Compute the missing information for the direct materials used during the current month.Solution: Formula: Beginning RM+ RM Purchased= Total RM available for use- Ending RM= RM used- Indirect material used= DM used
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The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
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The following balances appeared in the inventory accounts of Forest Components for July. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Beginning Ending $12,480 10,600 7,100 73,800 $2,800 Cost of Goods Sold Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet C D G H A B E F Purchased $16,990 of materials on account. Note: Enter debits before credits. Debit Credit General Journal Transaction
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 25 $10 260 V 2,080 V 180 May 4 180 V 10 V 1,800 103 290 May 10 10 V 31 120 12 May 21 10 V 12 V 116 170 May 27 12 Feedback V Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
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Problem 1.a.: Computation of Direct Material Used.
Akari Inc. provided the following information for its raw material inventory account at the end of the current month:

	Raw Materials (RM) Inventory
	Accounts	$	Accounts	$
	Beginning balance	$22,600	Direct materials (DM) used	?
	Purchase	$88,400	Indirect materials used	$7,600
	Ending Balance	$27,200

Required:	Compute the missing information for the direct materials used during the current month.

Solution:	Formula:
	Beginning RM
	+ RM Purchased
	= Total RM available for use
	- Ending RM
	= RM used
	- Indirect material used
	= DM used