Entries for Product Cost FlowThe following transactions occurred during February 2016 for Thompson Manufacturing Company:Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale.11 Requisitioned $6,000 of material for use as direct material in the factory.16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse.Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system.General JournalDateFeb. 10##+0#Please answer all parts of the question.Feb.11Feb. 16DescriptionPreviousSave AnswersDebit000000Credit0ooooo000 e rastury.16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouseRecord these transactions in general journal form. Assume that Thompson Manufacturing Company uses the pGeneral JournalDateFeb.1Feb. 1Feb. 10DescriptionAccounts payableFinished goods inventoryMaterials inventoryWork in process inventoryPlease answer all parts of the question.PreviousSave AnswersDebit0ooo00000Credit000OOOO000

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Description: Entries for Product Cost FlowThe following transactions occurred during February 2016 for Thompson Manufacturing Company:Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale.11 Requisitioned $6,000 of materi

Journal entries are those which are reported in the books in order to prepare a day to day record of…

Business

Accounting

The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale, 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb.10 Feb.11 Feb.16 Description : # : + : # Please answer all parts of the question Debit 0 0 0 0 0 0 Credit D COODOO 0 0 0 0 0

The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $7,500 of material on account that will be used to produce product for resale, 11 Requisitioned $6,000 of material for use as direct material in the factory. 16 Completed the manufacturing of products with a total product cost of $36,000 and transferred them to the warehouse Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system. General Journal Date Feb.10 Feb.11 Feb.16 Description : # : + : # Please answer all parts of the question Debit 0 0 0 0 0 0 Credit D COODOO 0 0 0 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Gillam Ltd uses a perpetual inventory system. The unit cost of inventory is assigned using the First-In, First-Out method. During June 2010 the company had the following transactions for an item of material: June 1 Balance 240 units @ $6.00 $ 1,440 5 Purchased on credit 160 units @ $5.50 880 10 Issued 40 units to Job 60 15 Issued 220 units to Job 61 20 Purchased on credit 260 units @ $6.00 1,560 22 Issued 100 units to Job 62 25 Issued 200 units to Job 63 29 Returned 10 units to the supplier purchased on the 22 June REQUIRED: ( a ) Prepare an inventory ledger card (stock card) to record the above. ( b ) Prepare a general journal entry to record the total issues for June. ( c ) Prepare a general journal entry to record the return to the supplier of 10 units purchased on 22 June.
Windsor, Inc. took a physical inventory on December 31 and determined that goods costing $222,500 were on hand. Not included in the physical count were $31,000 of goods purchased from Bonita Industries, FOB, shipping point, and $25,500 of goods sold to Metlock, Inc. for $33,000, FOB destination. Both the Bonita purchase and the Metlock sale were in transit at year-end.What amount should Windsor report as its December 31 inventory? Ending Inventory $
You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the Periodic Inventory System. November 14 – Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 - Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.
Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. P6-4B The management of Weigel Inc. asks your help in determining the compara- tive effects of the FIFO and LIFO inventory cost flow methods. For 2014 the accounting records show these data. Inventory, January 1 (4,000 units) Cost of 105,000 units purchased Selling price of 100,000 units sold Operating expenses $ 16,000 470,500 900,000 185,000 (LO 2, 3), AN Units purchased consisted of 35,000 units at $4.21 on March 20; 65,000 units at $4.60 on July 24; and 5,000 units at $4.83 on December 12. Income taxes are 30%. Instructions (a) Prepare compårative condensed income statements for 2014 under FIFO and LIFO. (Show computations of ending inventory.) (b) (1) Which inventory cost flow method produces the most meaningful inventory amount for the balance sheet? Why? (2) Which inventory cost flow method produces the most meaningful net income? Why? (3) Which inventory cost flow method is most…
Under the perpetual inventory system, what is the journal entry?
Sunland Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sunland’s inventory records for Zhao’s only product, the XL5500. Units Unit Cost January 1, 2017 (beginning inventory) 1,200 $ 77 Purchases January 8, 2017 300 78 January 23, 2017 1,250 80.00 February 9, 2017 350 82 February 25, 2017 650 84 A physical inventory on February 28, 2017, shows 1,250 units on hand.
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Example: - The following data is related to the movement of Article (Y) that took place during the month of August 20161-1/8 The balance was in an amount of (400) units, and the price was (400) dinars per unit, according to the receipt document numbered 220.93Technical Institute in Basra / second grade inventory accounting2-8/5 A quantity of (1000) units was received for the warehouse at a price of 150 dinars according to the receipt document 2293-8/19 The production quantity of (300) units was disbursed according to the issuance document No. 1364-8/24, a quantity of production (500) units was disbursed according to the issuance document No. 140.5-8/26 The warehouse received a quantity of (800) units, at a price of (500) dinars per unit, according to the receipt document No. 235.Required: - 1- Pricing the materials dispensed from stores on the basis of the fixed flat price method, which was 100 dinars per unit?۔ Calculate the cost of commodity stock at the end of the period *
Marietta Company began operations early in 2017. The below information relates to inventory it purchased for its only product for the quarter ended March 31, 2017. The units costs provided include the cost of freight. The unit costs include the freight-in expenses. Marietta uses a periodic inventory system Date of Purchases Units Unit Cost Total Cost January 6 15,000 $6.00 $ 90,000 February 15 36,000 6.75 243,000 March 21 51,000 7.5 382,500 Totals 102,000 $ 715,500 Marietta sold 60,000 units at $14.00 per unit during the period. Ending inventory on hand amounted to 42,000 units. REQUIRED: Calculate Asman’s gross profit ratio for the first quarter using: FIFO LIFO
19.Your review of ABC Company's inventory and related records for the year revealed the following information:Inventory, 1/1 - 450,000Purchases -3,150,000Sales -4,200,000You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory.What is the cost of the missing inventory assuming that ABC's gross profit remains at 30% of sales?
On January 15, 2018, Walmart sold 1,700 fishing reels to Costco. Immediately prior to this sale, Walmart perpetual inventory records for reels included the following cost layers: Instructions Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,700 reels, assuming that Walmart uses: Specific identification (700 of the units sold were purchased on December 12, and the remaining 1’000 were purchased on January 9).
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