Issuance of materials The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process. To prepare: the subsidiary ledger under FIFO for material issuance and balances.

Question

During the month, Phoenix Enterprises earned $15,000 in revenue, but only $13,000 of that had been received by the end of the month. Phoenix's only expense was rent of $4,200, but the company will pay for that next month. How much did Phoenix report in net income for the month? answer this?

Answer 1

Question

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

(b)

To determine

material inventory balance at the end of May.

(c)

To determine

To record: Journal entry for issuance of materials.

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

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During the month, Phoenix Enterprises earned $15,000 in revenue, but only $13,000 of that had been received by the end of the month. Phoenix's only expense was rent of $4,200, but the company will pay for that next month. How much did Phoenix report in net income for the month? answer this?

give answer general accounting

During the month, Phoenix Enterprises earned $15,000 in revenue, but only $13,000 of that had been received by the end of the month. Phoenix's only expense was rent of $4,200, but the company will pay for that next month. How much did Phoenix report in net income for the month?

Answer 2

Question

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

(b)

To determine

material inventory balance at the end of May.

(c)

To determine

To record: Journal entry for issuance of materials.

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

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Answer 3

Question

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

(b)

To determine

material inventory balance at the end of May.

(c)

To determine

To record: Journal entry for issuance of materials.

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

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Answer 4

Question

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

(b)

To determine

material inventory balance at the end of May.

(c)

To determine

To record: Journal entry for issuance of materials.

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

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Answer 5

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

(b)

To determine

material inventory balance at the end of May.

(c)

To determine

To record: Journal entry for issuance of materials.

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

Answer 6

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

Answer 7

Chapter 19, Problem 19.3EX

(a)

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To prepare: the subsidiary ledger under FIFO for material issuance and balances.

Answer 8

(b)

To determine

material inventory balance at the end of May.

Answer 9

(b)

To determine

material inventory balance at the end of May.

Answer 10

(c)

To determine

To record: Journal entry for issuance of materials.

Answer 11

(c)

To determine

To record: Journal entry for issuance of materials.

Answer 12

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

Answer 13

(d)

To determine

To explain: the use of material ledger in maintaining inventory quantities on hand.

Answer 14

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Ch. 19 - a. Name two principal types of cost accounting...Ch. 19 - What kind of firm would use a job order cost...Ch. 19 - Prob. 3DQ Ch. 19 - Prob. 4DQ Ch. 19 - What is a job cost sheet?Ch. 19 - Prob. 6DQ Ch. 19 - Discuss how the predetermined factory overhead...Ch. 19 - a. How is a predetermined factory overhead rate...Ch. 19 - a. What is (1) overapplied factory overhead and...Ch. 19 - Describe how a job order cost system can be used...

Solution Summary: The author explains how the material storeroom releases raw materials for use in manufacturing process when a material requisition is received.

material inventory balance at the end of May.

To record: Journal entry for issuance of materials.

To explain: the use of material ledger in maintaining inventory quantities on hand.

Chapter 19 Solutions