Wiremold tracks the direct materials in inventory. At the end of their most recent month, the direct material cost of their inventory (raw materials, work-in-process and finished goods) was $603,210. During the most recent month, their value streams had material costs of $920,000 and conversion costs of $552,000 in twenty working days. At the end of the month, Wiremold had raw material on hand equal to seven days worth of production, work-in-process equal to two days worth of production, and finished goods equal to eight days worth of production. The value for ending inventory using the material cost plus days of conversion cost method is …?

Q: During March of the current year, TRH Company purchased $3,500,000 raw materials. During the month,…

A: Raw Material used = raw materials purchased -  Increase in raw materials = $3,500,000 - 100,000 =…

Q: Worth Company reported the following year-end information- beginning work in process inventory,…

A: Worth company's Beginning work in process inventory = $180000 Cost of goods manufactured = $866000…

Q: A production department’s beginning inventory cost includes $394,900 of conversion costs. This…

A:

Q: Last month, Pare Company placed P60,000 of materials into production. The Printing Department used…

A: Direct material consumed = Beginning inventory + materials placed into production - ending inventory…

Q: During September of the current year, Reyes Company purchased P3,500,000 raw materials. During the…

A: Calculation of Cost of goods sold     Direct Material XXX Direct Labor XXX Overhead Applied…

Q: Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a…

A: The statement of cost of goods manufactured supports the cost of goods sold figure on the income…

Q: Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. The company's…

A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…

Q: Kelvin Industries is calculating its Cost of Goods Manufactured at year-end. The company's…

A: Direct material used is part of the prime cost that indicates the value of the material used in the…

Q: Cavy Company completed 7,770 units during the year at a cost of $590,520. The beginning finished…

A: solution given Number of completed unit 7770 Cost incurred $590520 Opening inventory…

Q: Hawthorn Industries is calculating its Cost of Goods Manufactured at year-end. The company's…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Q: During its first year of operations, Silverman Company paid $10,285 for direct materials and $9.800…

A: Production Cost :— It is the total cost incurred in the manufacturing of product during the period.…

Q: Namrac Company had sales of $3,500,000 for the year.  Some additional information is as follows:…

A: Given information: Beginning balance not available Direct material: $300,000 Direct labor: $240000…

Q: Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: Chris Company showed cost of goods sold of P 4,320,000 in its statement of comprehensive income…

A: The question is based on the concept of Cost Accounting.

Q: Deja Brew Company reported the following for the most recently completed fiscal year:…

A: In the context of the given question, we are required to compute the Costs of goods sold for Deja…

Q: A company started a new product, and in the first month started 124,575 units. The ending work in…

A: Under Weighted average method, the beginning WIP is considered equally as transferred in units.

Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: The following information was obtained from the records of Martinez Corporation during 2018. 1.…

A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…

Q: Inc. has provided the following data concerning their operations in the most recent month with…

A: Under variable costing system unit product cost include all the variable manufacturing cost that is…

Q: Cavy Company completed 10,020 units during the year at a cost of $771,540. The beginning finished…

A: Cost per unit for beginning finished goods inventory = Total cost / Total units = $158,400 / 2,200…

Q: During the month of March 2009, Lagmay Company incurred the following manufacturing costs: Direct…

A: The beginning work in process can be calculated from the cost function of factory cost and cost of…

Q: Cavy Company completed 10,510 units during the year at a cost of $746,210. The beginning finished…

A:

Q: Casita Company completed 300,000 units during the year at a cost of $4,800,000. The beginning…

A: FIFO means first in first out which means that stock which is received first will be sold first.LIFO…

Q: $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: A company started a new product, and in the first month started 64,735 units. The ending work in…

A: Formula: Units transferred out = Started units - Ending work in process Deduction of ending work in…

Q: During March of the current year, Rolly Company purchased P3,500,000 raw materials. During the…

A: Raw Material used = raw materials purchased -  Increase in raw materials = P3,500,000 - 100,000 =…

Q: During December of the current year, Parker Company purchased $3,500,000 raw materials. During the…

A: Raw Material used = raw materials purchased -  Increase in raw materials = P3,500,000 - 100,000 =…

Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: For each of the following independent situations, calculate the missing values: 1. The Belen plant…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Worth Company reported the following year-end information: beginning work in process inventory,…

A: Cost of Goods sold = Cost of goods manufactured + Beginning Finished Goods inventory - Ending…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.