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Unit VIII question 2
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- Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:1. The following information is available for Department A of B Manufacturing Corporation for themonth of July:WIP, July 1, 30% complete 5,000 unitsCosts: Materials P12,000.00 DL P6,000.00 OH P8,000.00 Started in production during July 20,000 unitsCost added: Materials P36,000.00 DL P16,000.00 OH P20,200.00 WIP, July 31, 20% complete 2,000 units Materials are added at the beginning of the process and the company uses the weighted averagemethod to account for cost. Required: A. Cost of production report assuming the company utilizes FIFO method of accounting costsB. Cost of WIP ending, under WAC. Cost of WIP ending, under FIFOD. Cost of goods transferred to finished goods, under WAE. Cost of goods started and completed in July, under FIFOThe balance in Sedona Company’s raw materials inventory account was $10,000 at the beginning of September and $12,000 at the end of September. Raw materials purchased during the month totaled $95,000. Sedona used $15,000 in indirect materials for the month. Calculate the costs of Direct materials placed in production for the month of September. Group of answer choices $93,000 $97,000 $105,000 $78,000
- Data concerning the compound for October abo Cost of material purchased in October Material purchased in October Material used in production in October Actual output in October $ 30.10 per ounce 2,650 ounces 2,190 ounces 670 units The material was purchased on account and Calvin Corporation uses a standard costing system. The debit to the Materials Inventory account for October would total: Multiple Cholce $65,700. $79,500. $217.080. $79.765.Okaboji Manufacturing Company reported the following materials data for the month ending November 30:Materials purchased $490,900Materials inventory, November 1 64,900Materials inventory, November 30 81,300Determine the cost of direct materials used in production by Okaboji during the month ended November 30.A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Apply the weighted average method now. What would be the ending raw material balance at the end of April? What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct…
- A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw MaterialA company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Suppose that on April 12, the company sends back 3.000 kg of Y raw material to the supplier due to low standards and on April 18, 2.000 kg of the Y raw materials was returned (iade) from the production department due to damage. Now what would be the cost of consumption at the end of the month if the company uses FIFO?O e. OMR99,000 Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: a. OMR191,000 b. OMR166,000 c. None of the answers given. O d. OMR134,000 В рage Next page m 1 Part 1 o1 dun hp
- Beginning raw materials inventory was P32,000. During the month, P276,000 of raw material was purchased. A count at the end of the month revealed that P28,000 of raw material was still present. What is the cost of direct material used?A. P276,000B. P272,000C. P280,000D. P 2,000The following data were taken from the records of Joey Company for the month of July : July 1 July 31 Аcсounts Inventories: Raw materials P50,000 95,000 78,000 ? P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rawollndT P46,000 63,000 rbnom-d 4. The raw materials inventory on July 1 is 25,000 M SY of budi 25,000 ovro shbstids bonsgRequired: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct material
