how much is the inventory write-down for the work in process?a. 25,000b. 15,000c. 5,000 problem-5 - Microsoft Excel (Product Activation Failed)FileHomeInsertPage LayoutFormulasDataReviewView...E- Insert -ΣCalibri- 11A AGeneralE* Delete*.0 .0 Conditional Format asFormatting Table -PasteCellSort & Find &В I U%EE Format -Styles -Filter Select -Clipboard EFontAlignmentNumberStylesCellsEditingАЗfeABDEHKMN1Derek's accountant provided you with the following information regarding inventory on hand on December 31,2used in the manufacture of two product lines: motorbikes and bicycles34CostNRV5Raw Materials6Supply of Steel (used for motorbikes)40,000.0025,000.00Supply of aluminum (used for bicycles)60,000.0050,000.0089Work in Rocess10Incomplete motorbikes30,000.0025,000.0011Incomplete bicycles50,000.0060,000.001213Finished Goods14Motorbikes80,000.0060,000.0015Bicycles80,000.00110,000.001617cost of sales before any adjustments to the inventory was P 450,000.I Sheet1Ready100%W4:00 PMENull4/13/2021

As per the IAS-2, The inventories should be valued at the lower of cost of the inventory or net…

Answered: Work in Rocess Incomplete motorbikes…

Business

Accounting

Work in Rocess Incomplete motorbikes 30,000.00 25,000.00 Incomplete bicycles 50,000.00 60,000.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 10 Calculate the Menu price from the following: Item product cost $2, Item labour cost $.50, Overhead cost per item $.70, Desired per item Gross profit percentage 20%. $3.84 $.64 $3.20
A1.
Complete the missing figures: Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year
ON 62 | 6:45 If the net sales 159 150 ID, -1 beginning finished goods inventory 16 500 ID ,Cost of goods manufactured 121 050 ID , ending finished goods inventory 900O ID, the gross profit .(.. . are 60 600 90 600 30 600 O If the prime cost 70 700 ID ,- 2 manufacturing overhead 12 000 ID, beginning work inproces inventory 4 000 ID ,ending work inproces inventory 6 00O ID ,the cost of goods * . . .) manufactured are 80 700 ID. O 100 700 ID. 60 700 ID.
PinaSarap Industries provided the following inventory card: Purchase Date Units Used Balance Units Price Units 20.000 10,000 40,000 Jan 10 100 20,000 Jan 31 10,000 Feb 8 110 30,000 Feb 9 (returns from (1,000.00) 41,000 factory)
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
1.How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,200 completed and transferred out units? Number of units started into production fill in the blank 1 units 2. How many units must be in ending inventory if beginning inventory was 13,000 units, 53,000 units were started, and 59,000 units were completed and transferred out? Units in ending inventory fill in the blank 1 3.Production data show 35,880 units were transferred out of a stage of production and 6,100 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $6 for material and $9 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory? Transferred out $fill in the blank 1 Ending inventory $fill in the blank 2 4.Overhead is assigned to the manufacturing…
Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 Raw Materials Used: 90,000 What would be the materials purchased for the period? You can use your BASE Accounts if that helps.
D Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460
Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total May 1 Balance 240 $3.70 $888 May 5 Receipt 440 $3.60 $1584 May 15 Issue 240 May 31 Issue 300 Using the FIFO inventory pricing method, what is the value of closing inventory on May 31? Show solution
4 EB4. 4.3 Masonry’s records show the raw materials inventory had purchases of $1,000 and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during О а. Р7000 COSTS INCURRED O b. P7,500 JOBS January February March Ос. Р5,500 A P5,000 O d. P3,000 B 3,000 2,500 19. Cost of Goods Sold for January D 1,500 4,000 E 3,500 O a. P7,000 F 5,800 6.500 O ь. Р7,500 G 9,600 3,800 O. P20,000 Ос. H 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January AB C A. C O b. P7,500 February DE В Е BE O. P20.000 March GH J GH O d. P7,000