PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average

Q: The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31…

A: The cost of goods manufactured includes cost of goods that are finished during the period. The cost…

Q: Okaboji Manufacturing Company reported the following materials data for the month ending November…

A: Direct materials:Direct materials are the raw materials which are directly related with the…

Q: Consider the following information about March raw material inventory: Inventory turnover = 5.0,…

A: Purchases= Cost of goods sold + Ending inventory - Beginning inventory   Cost of goods sold =…

Q: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs…

A: The cost of production report  is the report which is used for process costing system. The cost of…

Q: Bullwinkle company has the following inventory, purchases, and sales data for the month of August.…

A:

Q: Barge Incorporated had Beginning inventory for the month that contained 2,000 units that were 70%…

A: An equivalent unit of production is used in process costing. Process costing is used in that…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: 1. Beginning inventory consisted of 1,200 units. All materials and 40 percent of labor and overhead…

A: Answer:- correct option is c) $ 219,230

Q: The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct…

A: Cost of goods sold The cost of goods which has been sold by the company is called as cost of goods…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

Q: The following balances appeared in the inventory accounts of Forest Components for July. Materials…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: A production department's beginning inventory cost includes $450,000 of conversion costs. This di…

A: Introduction:- The following formula used to calculate Cost per equivalent unit of conversion as…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: FIFO METHOD :— Under this method, first inputs is used for the output units or sales units.  Cost of…

Q: ​Hendrix & Franks Company had the following beginning and ending inventory balances for the…

A: Calculate the amount of cost of goods sold for the year. First. Prepare a cost of goods manufactured…

Q: The following information is available for the year ended December 31: Beginning raw materials…

A: Raw Material Consumed :— It means How much of Raw material Used in Manufacturing of Product During…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Given that: Sales units = 240 units

Q: The following data was taken from the general ledger and other records of Martinez Manufacturing Co.…

A: Cost of goods manufactured - The cost of Goods Manufactured is the total cost incurred for…

Q: Entries for Product Cost Flow Record the following transactions that occurred during April for Boyd…

A: Journal entries are the records of the transactions entered into by the organization during the…

Q: [The following information applies to the questions displayed below.] Annin Laboratories uses the…

A: a. Equivalent Units Calculation: For Direct Materials:Beginning WIP Inventory:Units: 6,000Percentage…

Q: Prepare the necessary journal entries for the Goodman Company for the month of January in order from…

A: Transactions for the Goodman company for the month of January given. The journal entries for the…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Garrett Company has the following transactions during the months of April and May: Date Transaction…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: VanBuren Inc. had the following information about inventory balances for the year: Beginning…

A: The work in process inventory records the direct costs incurred for the production. The overhead…

Q: he following balances appear on the accounts of Greusel Fabrication:   March 1 (Beginning) March 31…

A: The COGS statement is an important part of a company's income statement since it helps to compute…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…

A: The material account is credited by the total material issued and total material issued includes…

Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…

A: Direct material cost is the cost of raw material produced or purchased for producing the final…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…

Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…

A: FIFO stands for "First In, First Out" and is a method of inventory valuation used in accounting.…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: The following information is available for ABC Company for the year ended December 31: Beginning raw…

A: Direct Materials - Direct Materials are the raw material inventory used in the company. It includes…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO (First-In, First-Out) method: Inventory is sold in the order it was purchased, with the oldest…

Q: The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31…

A: Cost of goods sold  The cost of goods which has been sold by the company is called as cost of goods…

Q: The debit to Work-in-Process Inventory account for materials is:

A: As mentioned in the question that ABC charges direct material to Work in process and indirectly…

Q: The manufacturing operations of Oriole, Inc. had the following inventory balances for the month of…

A: To calculate the cost of goods sold (COGS) for January, we need to consider the changes in inventory…

Q: The ending materials inventory cost is:

A: Solution The material is the cost of materials used to manufacture a product. It is a part of…

Q: Using the information given, complete the following: a. Prepare the January income statement for…

A: The objective of the question is to prepare an income statement for Sorensen Manufacturing Company…

Q: Hendrix & Franks Company had the following beginning and ending inventory balances for the current…

A: Cost of Goods Sold -Cost of Goods Sold is a cost incurred to make the goods available to the…

Q: An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the…

A: The cost of goods manufactured indicates the total amount incurred to manufacture a product. It…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: Inventory Valuation Method: Inventory valuation methods are used to determine the cost of goods sold…

Q: 3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending…

A: Raw material means the main item of input from which the finished goods has been produced. Raw…

Q: Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for…

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

Q: Akira Company had the following transactions for the month. Sales for the month are $25 per unit.…

A: Cost of goods sold (units)=Beginning+Purchase-Ending units=150+160+130-50=390 units

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO, LIFO and weighted average are the three most common methods which are used for the recording…

Q: Ryan company recorded the following data pertaining to raw material Y during the current year.…

A: The inventory is the item in which firms deals in order to earn profit. The inventory on hand and…

Q: SurfsUp Specialty Products has the following inventory account balances and related manufacturing…

A: Direct labor incurred = Total manufacturing costs - Manufacturing overhead incurred - Raw materials…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.