https://2021.tle.courses.open.uwi.edu/mod/quiz/attempt.php?attempERSITY OF THE WEST INDIESarning Exchange 2021English (en) -y courses / ACCI1003 | S2 21/22/ General / ACCI 1003 FINAL ASSESSMENI_ Part 1The entry to record the cost of raw materials placed in production is:Dr Raw Materials Inventory: Cr Accounts Payable or Casha.Ob. Dr Manufacturing Overhead; Cr Raw Material InventoryOc. Dr Work-In-Process; Cr Accounts Payable or CashO d. Dr Work-In-Process: Cr Raw Materials Inventory-Box PEER ASSESSMENT FORM,ssignment Product Costing, DueApril 1, 2022 by 11:00 pm EC Time(10:00 pm Jamaica Time)Jump to..e here to search

Raw material can be of two type direct or indirect.If direct material is placed in production then…

Answered: ERSITY OF THE WEST IN

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...

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ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank Question Content Area b.…
Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. (seee) $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234
< CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Receiving Report Number 25 31 Received Quantity 200 140 Unit Price $7 9 Materials Requisition Number 108 121 Issued Quantity 330 190 Amount b. Determine the materials inventory balance at the end of May. $ c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Lutz Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. (a) Purchased raw materials for $50,000 on account. (b) Raw materials requisitioned for production were: Direct materials Mixing department $20,000 Finishing department 14,000 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department $44,000 Finishing department 30,000 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-400 machine hours at $30 per machine hour. Finishing department-500 machine hours at $20 per machine hour. in Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department. (g) Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. Finished goods costing $40,000 were sold on account for $55,000,
Using the given information find the cost of direct material used: Ending inventory of raw materials OMR 1,000 Beginning inventory of raw materials OMR 1,500 Material used as indirect OMR 500 Purchase of materials OMR 2,000 O a. OMR 5,000 b. OMR 2,000 O c. OMR 2,500 O d. OMR 3,000
Cost of materials issuances under the FIFO methodAn incomplete subsidiary ledger of materials inventory for May is asfollow: a. Complete the materials issuances and balances for the materialssubsidiary ledger under FIFO.h. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid inmaintaining inventory quantities on hand.
ost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 320 $8 $2,560 27 220 $10 May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3 fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6 105 360 $fill in the blank 96e897097f99fe6_7 May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12 May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank…
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $8 $1,760 24 150 $10 May 4 fill in the blank 0748f9092fa1036_1 fill in the blank 0748f9092fa1036_2 fill in the blank 0748f9092fa1036_3 fill in the blank 0748f9092fa1036_4 fill in the blank 0748f9092fa1036_5 fill in the blank 0748f9092fa1036_6 107 250 $fill in the blank 0748f9092fa1036_7 May 10 fill in the blank 0748f9092fa1036_8 fill in the blank 0748f9092fa1036_9 fill in the blank 0748f9092fa1036_10 30 100 12 May 21 fill in the blank 0748f9092fa1036_11 fill in the blank 0748f9092fa1036_12 fill in the blank 0748f9092fa1036_13…
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 $fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank b. Determine the materials inventory balance at the end of…

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