The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQS

The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQS

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units 1- Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 2- Identify the total amount of balance on 12th March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 3- Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 450 units c. 320 units d. 280 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32 MCQ 32. Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a.RO 765 b.RO 1,480 c.RO 1,285 d.RO 1,850
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 33 MCQ 33. Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a.450 units b.280 units c.220 units d.320 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units 1- Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. 2- Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. 3- Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC.
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 34 MCQ 34. Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a.220 units b.320 units c.280 units d.450 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQS Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. O a. 450 units O b. 280 units O c. 320 units O d. 220 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 280 units c. 320 units d. 450 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs 1-Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 320 units b. 220 units c. 280 units d. 450 units 2-Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a. 280 units b. 320 units c. 450 units d. 220 units 3-Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 1,285 b. RO 1,480 c. RO 765 d. RO 1,850
8) Mohsen Steel Ltd maintains its stores ledger on the FIFO. Following is a summary of the receipts and issues of raw materials during the month of May 2019: May 2019 01 Opening balance 300 units @ Rs. 15 per unit Material issue , 100 units. Material purchase, 400 units @ 25 per unit. Material issues, 500 units. Material requested form suppliers , 300 units Material purchase 200 units @ 29 per unit. Material issues , 150 units. Material purchase, 170 units @ 33 per unit. Material issue, 200 units. Material in hand 100 units. 06 08 13 15 22 25 27 29 31 Requirements: 1. Calculate Cost of goods issues? 2. Calculate Value of closing stock?
Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T transactions during the month are as follows: 1 Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600 28 March 2,000 Required: (a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method of pricing issues. (b) Calculate the value of inventory for the financial year ended 31 March 2019. (c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.