PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average

Q: A company began January with 7,000 units of its principal product. The cost of each unit is $9.…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Q: The following information is to be used in costing inventory on June 30: 01-Jun Beginnning balance…

A: Total no. of units issued = Units issued on June 15 + Units issued on June 25 = 800 + 1000 = 1800…

Q: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs…

A: The cost of production report  is the report which is used for process costing system. The cost of…

Q: Barge Incorporated had Beginning inventory for the month that contained 2,000 units that were 70%…

A: An equivalent unit of production is used in process costing. Process costing is used in that…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: Annin Laboratories uses the weighted-average method to account for its work-in-process inventories.…

A: To compute the costs per equivalent unit using the weighted-average method, we need to follow these…

Q: 1. Beginning inventory consisted of 1,200 units. All materials and 40 percent of labor and overhead…

A: Answer:- correct option is c) $ 219,230

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: A production department's beginning inventory cost includes $426,000 of conversion costs. This…

A: The term "weighted average" refers to an average in which each of the quantities to be averaged is…

Q: Problem 8-59 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-3, 4) Mercier…

A: Under the weighted-average method of process costing, equivalent units are calculated considering…

Q: The following production data were taken from the records of the finishing department for June: Line…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: The following production data were taken from the records of the finishing department for June:…

A: Given:Beginning Inventory 25%: 300Transferred: 4900Equivalent: 5255First, let's get the units…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

A: The objective of the question is to calculate the ending inventory and cost of goods sold (COGS) for…

Q: Trini Company had the following transactions for the month.   Number of Units Cost per Unit Total…

A: Average cost per unit = Total cost of Goods available for sale / Total no. of units available for…

Q: A production department's beginning inventory cost includes $450,000 of conversion costs. This di…

A: Introduction:- The following formula used to calculate Cost per equivalent unit of conversion as…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $7.…

A: The FIFO (First-In, First-Out) perpetual system is a method used in inventory management and…

Q: Materials purchases for the month were $4,000. The Materials Inventory account had a beginning…

A: Materials can be used for various purposes that can be either direct or indirect. Direct material…

Q: The following balances are from the accounts of Tappan Parts: January 1 December 31 (Beginning)…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: Beginning inventory amounted to 1,000 units. This period 4,500 units were started and com- pleted.…

A: FIFO is first in first out method of inventory that is used in process costing. Under this method,…

Q: The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for…

A: Step 1:Computation of the total manufacturing costs charged (debited) to work in process during…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: Equivalent Units: We know that incomplete units cannot bear the same cost as complete units can…

Q: Inventory balances for the MMM Enterprise for the month of June are as follows:…

A:

Q: A company began January with 8,000 units of its principal product. The cost of each unit is $7.…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: On November 30, the company's finished-goods inventory, which is evaluated using the first-in,…

A: Work in progress  Opening Balance of raw material and purchased Parts = $6,68,000 In the month of…

Q: Entries for Product Cost Flow Record the following transactions that occurred during April for Boyd…

A: Journal entries are the records of the transactions entered into by the organization during the…

Q: he following production data were taken from the records of the finishing department for June: 420…

A: Number of Equivalent of production = 400 Units

Q: How much is the adjustment to the Cost of Sales account to set up its correct balance?

A: Cost of sales, also known as cost of products sold, represents the direct costs connected with the…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: What is the cost assigned to the October 31 work in process inventory?

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: Solution...     Units in ending inventory = 4,300  % of completion of ending inventory with respect…

Q: Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending…

A: First in First out (FIFO) Methods says that goods purchased first are Sold first which implies that…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: Perpetual inventory system is a system where the cost of goods sold is updated as soon as the goods…

Q: Prepare the necessary journal entries from the following information for Welsh Company, which uses a…

A: Journal entries recording is the first step of accounting cycle process, in which atleast one…

Q: Department B of SimTech Manufacturing Company presents the following production data for the month…

A: Equivalent units is effective number of completed units of a product that an entity theoretically…

Q: A company began January with 9,000 units of its principal product. The cost of each unit is $4.…

A: Ending inventory is the amount of inventory that an entity has on hand at the end of the period. It…

Q: Uramilaben

A: The objective of the question is to calculate the weighted average equivalent units of production…

Q: over Chemical Company manufactures specialty chemicals by a series of three processes, all materials…

A: Equivalent units are based on whole units and their respective percentage of completion. Any cost…

Q: Accounting   Bosco Corp. uses a process costing system. Beginning inventory for January consisted…

A: Introduction: Using a process costing technique, costs are compounded when numerous comparable goods…

Q: Sitaben

A: The objective of the question is to calculate the weighted average equivalent units of production…

Q: Sved Be Co us a pracess coting system Begining inventory for January consisted of 1,600 units that…

A: Ending units = Beginning units + Units started - Units completed

Q: Ryan company recorded the following data pertaining to raw material Y during the current year.…

A: The inventory is the item in which firms deals in order to earn profit. The inventory on hand and…

Q: Crane Company reports the following inventory data for the month of June: Direct materials Work in…

A: The cost of production is computed by considering the work in process (beginning), direct material…

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.