The data given below relate to Materials AAA used by Jose Company:  Beginning balance, 480 at P4.80 each  Purchase Order #30, 600 at P4.90 each  Requisition #46, 175  Requisition #49, 225  Requisition #50, 280  Purchase Order #96, 400 at P4.95 each  Requisition #52, 310  Returned materials report 24 (from requisition #50), 20 What is the cost of ending inventory using the FIFO costing method? a. P2,519.00 b. P2,421.00 c. P2,500.00 d. P2,400.00

The data given below relate to Materials AAA used by Jose Company:  Beginning balance, 480 at P4.80 each  Purchase Order #30, 600 at P4.90 each  Requisition #46, 175  Requisition #49, 225  Requisition #50, 280  Purchase Order #96, 400 at P4.95 each  Requisition #52, 310  Returned materials report 24 (from requisition #50), 20 What is the cost of ending inventory using the FIFO costing method? a. P2,519.00 b. P2,421.00 c. P2,500.00 d. P2,400.00

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

Cost of Materials Issuances Under the FIFO Method 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 Receiving Issued Materials Requisition Number Report Number 23 +A 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 Issued Quantity 380 230 LA Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 000000 Balance Unit price c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. $8 000000 Balance Amount $2,720 000000 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Cost of Materials Issuances Under the FIFO Method 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 Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
Cost of Materials Issuances Under the FIFO Method 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 Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity price Amount May 1 350 $8 $2,800 21 240 $10 May 4 107 400 May 10 27 160 12 May 21 120 230 May 27 b. Determine the materials inventory balance at the end of May. $4 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. 88 d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Solve and check answer twice before submit and add explanation and proper calculation
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)…
Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 Raw Materials Used: 90,000 What would be the materials purchased for the period? You can use your BASE Accounts if that helps.
Please do not give solution in image format thanku
An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 May 21 97 100 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW…