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
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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

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints

Section: Chapter Questions

Problem 2CE: Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An...

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Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An order to replenish the part requires a lead time of five days. Required: 1. Calculate the reorder point, using Equation 20.3. 2. Graphically display the reorder point, where the vertical axis is inventory (units) and the horizontal axis is time (days). Show two replenishments, beginning at time zero with the economic order quantity in inventory. 3. What if the average usage per day of the part is 500 units but a daily maximum usage of 575 units is possible? What is the reorder point when this demand uncertainty exists?
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Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Number : Per of Units Unit Date Transaction Jan. 1 Beg. Inv. 50 $15 | Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost Cost of Goods Sold 3,640 2,970 3,890 3,434 Ending Inventory 3,430 4,100 3,180 3,636 Gross Margin 1,460 2,130 1,210 1,666
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Quick-Copy Duplicating Company uses 110,000 reams of standard-size paper a year at its various duplicating centers. Its current paper supplier charges $2.00 per ream. Annual inventory carrying costs are 15 percent of inventory value. The costs of placing and receiving an order of paper are $41.25. Assuming that inventory replenishment occurs virtually instantaneously, determine the following: a. The firm's EOQ b. The total annual inventory costs of this policy c. The optimal ordering frequency d. Compute and plot ordering costs, carrying costs, and total inventory costs for order quantities of 2,000, 4,000, 5,000, 5,500, 6,000, 7,000, and 9,000 reams. Connect the points on each function with a smooth curve, and determine the EOQ from the graph (and the table used in constructing the graph).
N.B:show all steps and calculations.
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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 $12 = $13 = 410 units 130 units 230 units 80 units $14 = September 19 $15 During the year, The Shirt Shop sold 680 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Required A Purchased Purchased Purchased Purchased Complete this question by entering your answers in the tabs below. Ending inventory Required B Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. FIFO @ @ @…
JM Ltd had the following material transactions during November. Number of units Cost per unit Opening balance 1 November 20 4.00 Receipt 8 November 140 4.40 Issues 12 November 80 Receipt 18 November 100 4.60 Issues 26 November 140 Calculate the value of inventory on hand at 8 November using the Weighted Average Cost (WACO) cost method to the nearest dollar.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Units Purchased Total Cost Date Unit Cost April 6 May 18 $1,134,600 $36.60 31,000 1,287,000 33,000 39.00 June 6 40,000 39.60 1,584,000 July 10 August 10 40,000 42.00 1,680,000 27,200 42.75 1,162,800 October 25 12,800 43.50 556,800 November 4 8,000 44.85 358,800 December 10 384,000 8,000 48.00 200,000 $8,148,000 Sales: April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28,000 October 18,000 November 10,000 December 8,000 Total units 168,000 Total sales $10,000,000 The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO…