Rockman Company's inventory transactions are given below:ParticularsAmountDetailsBeginning Raw MaterialPurchase of raw materialsRaw Material Issued155,500276,000Material Requisition 1281152,400For Job 1001Material Requisition 1282165,10076,500For Job 1002Material Requisition 1283For Multiple JobsWhat would be the ending balance of Raw Materials Inventory account.?a. Ending Balance of Raw Material Inventory Account is $37,500b. Ending Balance of Raw Material Inventory Account is $73,500c. Ending Balance of Raw Material Inventory Account is $76,500d. Ending Balance of Raw Material Inventory Account is $113,500

A firm purchases raw material to use it for making the finished goods or completing a job. The…

Rockman Company's inventory transactions are given below: Particulars Amount Details Beginning Raw Material Purchase of raw materials Raw Material Issued 155,500 276,000 Material Requisition 1281 152,400 165,100 76,500 For Job 1001 Material Requisition 1282 Material Requisition 1283 For Job 1002 For Multiple Jobs What would be the ending balance of Raw Materials Inventory account.? a. Ending Balance of Raw Material Inventory Account is $37,500 b. Ending Balance of Raw Material Inventory Account is $73,500 c. Ending Balance of Raw Material Inventory Account is $76,500 d. Ending Balance of Raw Material Inventory Account is $113,500

Rockman Company's inventory transactions are given below: Particulars Amount Details Beginning Raw Material Purchase of raw materials Raw Material Issued 155,500 276,000 Material Requisition 1281 152,400 165,100 76,500 For Job 1001 Material Requisition 1282 Material Requisition 1283 For Job 1002 For Multiple Jobs What would be the ending balance of Raw Materials Inventory account.? a. Ending Balance of Raw Material Inventory Account is $37,500 b. Ending Balance of Raw Material Inventory Account is $73,500 c. Ending Balance of Raw Material Inventory Account is $76,500 d. Ending Balance of Raw Material Inventory Account is $113,500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar...

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Rockman company's inventory transactions are given below s particulars amount details beginning raw material 155,500 purchase of raw materials 276,000 raw material issued material requisition 1281 material requisition 1282 152,400 for job 1001 165,100 for job 1002 for multiple jobs material requisition 1283 76,500 what would be the ending balance of raw materials inventory account.?
Prepare the necessary journal entrles from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases: Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead incurred and pald for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. C. e. f. g. What is the journal entry for transaction (c)? 45,600 a. Work In process Wages payable 45,600 b. 45,600 Wages expense Wages payable 45,600 Work in process inventory Wages expense Wages payable 33,100 12,500 45,600 Work in process inventory Manufacturing overhead Wages payable 33.100 12,500 d. 45-600
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: а. Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. С. d. е. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. g.
Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases, Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indilrect labor wages of P12,500. d. C. Overhead Incurred and pald for Is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (b)? Work in process inventory Raw materials Inventory a. 53,865 53,865 Work in pracess inventory Manufacturing overhead Raw materials inventory b. 45,360 8,505 53,865 Work in process inventory Manufacturing overhead Accounts payable 45.360 8,505 53,865 Raw materials inventory Manufacturing overhead control Work in…
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. a. Purchased raw materlal on account, P56,700. b. Requlsitioned raw materlals for production as follows: • Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. C. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead Incurred and paid for Is PG6,900. e. Overhead Is applied to production based on 110 percent of direct labor cost. f. Goods costing P97,600 xere completed during the pertod, What is the journal entry for Iransadion ()? a. Work in process inventory 97,600 Finished goods Inventory 97,600 b. Finished goods inventory Work in process inventary 97,600 97,600 Cost of goods sold Work In process inventory C. 97,600 97,600 97,600 d. Work in process inventory Cost of goods sold 97,600
The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. 2. 3. 4. 5. 6. 7. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and…
An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank…
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materlals for production as follows: a. Direct materlals: 80 percent of purchases: Indirect materlals: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. C. d. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (a)? Raw materials inventory 56,700 Accounts payable 56,700 b. Work in process inventory Accounts payable 56,700 56,700 Work in process inventory Raw materials inventory C. 56,700 56,700 Raw materials inventory Work in process inventory d. S6,700 56,700
(Inventoriable Goods and Costs—Perpetual) Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use.1. An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2017. The receiving report shows that the materials were received December 28, 2016.2. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2016, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.”3. Materials costing $7,300 were returned to the supplier on December 29, 2016, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until…
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Subject: acounting