The following transactions of West Ham Manufacturers, that uses the perpetual inventory system,took place during February 2021 in respect of a part used in production:Feb01Stock on hand300 units @ R17 per unitIssued to productionPurchased from supplierIssued to productionReturned to supplier (purchased on 14 February 2021) 60 unitsIssued to production07210 units14900 units @ R17.50 per unit15350 units16400 units25Using the first-in-first-out (FIFO) method, the value of closing inventory as at 29 February 2021 isO A. R7 000O B. none of the aboveO C. R3 060O D. R3 150

Total units available = 300 + 900 - 60 = 1140 Units sold = 210 + 350 + 400 = 960 Ending inventory…

Answered: The following transactions of West Ham…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

See similar textbooks

Similar questions

Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
The following transactions of Celtic Manufacturers, that uses the perpetual inventory system, took place during February 2021 in respect of a part used in production: Feb Stock on hand 300 units @ R17 per unit 210 units 01 Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 14 February 2021) 60 units Issued to production 07 14 900 units @ R17.50 per unit 15 350 units 16 25 400 units Using the weighted average cost method, the weighted average price per unit (rounded off to the nearest cent) of the inventory on hand as at 14 February 2021 is, O A. R17.47 B. R17.25 O C. none of the above O D. R17.45
Please help me
Use the information provided to answer the questions. Complete the table provided using the weighted average cost (AVCO) method (with the weighted average cost per unit expressed to the nearest cent). 1.1 INFORMATION Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount TRANSACTIONS The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took place during April 2021 in respect of a component used in production: April Transactions 01 Opening inventory 50 units @ R20 per unit 06 Issued to production 30 units 16 Purchased from a supplier 170 units@ R22 per unit 20 Retumed to the supplier (See purchase on 16th) 100 units 21 Issued to production 80 units
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. a. Purchased raw materlal on account, P56,700. b. Requlsitioned raw materlals for production as follows: • Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. C. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead Incurred and paid for Is PG6,900. e. Overhead Is applied to production based on 110 percent of direct labor cost. f. Goods costing P97,600 xere completed during the pertod, What is the journal entry for Iransadion ()? a. Work in process inventory 97,600 Finished goods Inventory 97,600 b. Finished goods inventory Work in process inventary 97,600 97,600 Cost of goods sold Work In process inventory C. 97,600 97,600 97,600 d. Work in process inventory Cost of goods sold 97,600
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materlals for production as follows: a. Direct materlals: 80 percent of purchases: Indirect materlals: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. C. d. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (a)? Raw materials inventory 56,700 Accounts payable 56,700 b. Work in process inventory Accounts payable 56,700 56,700 Work in process inventory Raw materials inventory C. 56,700 56,700 Raw materials inventory Work in process inventory d. S6,700 56,700
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using FIFO method, the raw materials ending inventory amounts to:(two decimal places for unit cost; round of final answer - nearest peso)
Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases, Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indilrect labor wages of P12,500. d. C. Overhead Incurred and pald for Is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (b)? Work in process inventory Raw materials Inventory a. 53,865 53,865 Work in pracess inventory Manufacturing overhead Raw materials inventory b. 45,360 8,505 53,865 Work in process inventory Manufacturing overhead Accounts payable 45.360 8,505 53,865 Raw materials inventory Manufacturing overhead control Work in…
Prepare the necessary journal entrles from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases: Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead incurred and pald for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. C. e. f. g. What is the journal entry for transaction (c)? 45,600 a. Work In process Wages payable 45,600 b. 45,600 Wages expense Wages payable 45,600 Work in process inventory Wages expense Wages payable 33,100 12,500 45,600 Work in process inventory Manufacturing overhead Wages payable 33.100 12,500 d. 45-600
Calculate the LIFO cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the peri-odic method and (b) the perpetual method

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS