Taylor Bashir Limited uses a range of raw materials in its production of metal fling cabinets, including a bought in metal handle component. Because of a shortage of the grade of metal used in the component, prices have tended to nise rapidly During September 20X5 the following deliveries into inventory and transfers to production of metal handles take place: 1 September Balance of inventory @£2.70 per unit 130 6 September Transfer to production 60 7 September Delivery of inventory @ £2.90 per unit 40 18 September Transfer to production 30 26 September Delivery of inventory @£2.96 per unit 85 What is the value of the transfers to production of metal handles in September (to the nearest penny)? O 258.30 O L47341 O E367.60 O 245 19

Taylor Bashir Limited uses a range of raw materials in its production of metal fling cabinets, including a bought in metal handle component. Because of a shortage of the grade of metal used in the component, prices have tended to nise rapidly During September 20X5 the following deliveries into inventory and transfers to production of metal handles take place: 1 September Balance of inventory @£2.70 per unit 130 6 September Transfer to production 60 7 September Delivery of inventory @ £2.90 per unit 40 18 September Transfer to production 30 26 September Delivery of inventory @£2.96 per unit 85 What is the value of the transfers to production of metal handles in September (to the nearest penny)? O 258.30 O L47341 O E367.60 O 245 19

Name: Taylor Bashir Limited uses a range of raw materials in its production
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Taylor Bashir Limited uses a range of raw materials in its production of metal filing cabinets, including a bought in metal handlecomponent. Because of a shortage of the grade of metal used in the component, prices have tended to rise rapidly. Durin

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

Please do not give solution in image format thanku
Ponderosa, Inc., produces wiring harness assemblies used in the production of semi-trailer trucks. The wiring harness assemblies are sold to various truck manufacturers around the world. Projected sales in units for the coming five months are given below. January 10,000 February 10,500 March 13,900 April 16,000 May 18,500 The following data pertain to production policies and manufacturing specifications followed by Ponderosa: Finished goods inventory on January 1 is 900 units. The desired ending inventory for each month is 20 percent of the next month’s sales. The data on materials used are as follows: Direct Material Per-Unit Usage Unit Cost Part #K298 2 $4 Part #C30 3 7 Inventory policy dictates that sufficient materials be on hand at the beginning of the month to satisfy 30 percent of the next month’s production needs. This is exactly the amount of material on hand on January 1. The direct labor used per unit of…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component part used in manufacturing Akohia Soap for the period ended 31st August, 2020. Stock on hand at January 1, 2020 Purchases made during the period; January March May July Issues made during the period; February April June August Units Total Cost (GH¢) 2,000 100,000 4,000 200,000 3,000 180,000 8,000 640,000 2,000 200,000 5,000 1,000 1,800 2,500 a. Usingthefirst-in-first-outmethod,preparetheStoreLedgerAccountfortheperiod ended 31st August, 2020. b. 4 (four) importance of Cost Accounting to your programme of study.
Mr luis Rodriguez is the financial manager of HULL pIc , a UK company which is located in the east of London. HUII PLC has following inventory transactions: Day 1 opening 50 units at $15 per units Day 2 sold 20 units at $35 per unit Day 3 Purchased 60 units at $17 per unit Day 5 purchased 80 units at $30 per unit Day 5 sold 30 units at $40 per unit You are required to: Apply the average costing method to each transaction and calculation the closing value of inventory Prepare the report to critically evaluate the LIFO and FIFO inventory valuation methods and advise which method is better In addition explain which method Hull pLc should use to remain IAS 2 compliant The financial manager of HULL PLC needs your advice on IAS 38 you are required to explain why it is necessary t distinguish between research and development expenditure and how this distinction affects the accounting treatment. Following the financial managers request you need to explain the criteria that need to be…
[The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.ee - 2,520 Jan. 25 Sales 210 units e $24.00 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $18,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using welghted average. 3. Determine the cost assigned to ending Inventory and to…
[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
INFORMATION: Brait Limited produces a single product and forecasted the following for the first three months of the year: January March February 2 400 Sales (units) 2 200 2 600 The company's policy is to maintain closing inventory at a level of 50% of the following months forecasted sales. Material and labour requirements are as follows: Material 2 kg per unit @ R60 per kg Labour 3 hours per unit Material inventory levels were as follows: December 1 100 Closing inventory (kg) January 1 250 REQUIRED: The total material purchase cost for January is: A. R276 000 B. R408 000 C... 8285 000 February 1 400 March 1 300
Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost* Total Cost January 10 6,000 $7 January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Answer is not complete. Inventory on hand Cost of Goods Sold Perpetual Average Cost Number per of units Inventory Value unit Number of units sold Average Cost per Cost of Goods unit Sold Beginning Inventory 7,000 6.0000 ( $…
6. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
Kaizen Furniture has the following information in respect to coffee tables for 2011: Production specifications: Beginning Target Ending Inventory Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Red oak 25,000 b.f. 22,000 b.f. Finished goods Coffee tables 5,000 units 3,000 units Revenue expected for 2011 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of red oak. Costs expected for 2011 include: 2010 2011 Particle board (per b.f.) $ 3.90 $ 4.00 Red oak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Prepare the following budgets for 2011: a. Revenues Budget b. Production Budget (in units) c. Direct Materials Usage Budget
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)