Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. Direct Materials used were $3,800, and Indirect Materials used were $300. What is the correct ending balance for the Materials Inventory account?
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Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. Direct Materials used were $3,800, and Indirect Materials used were $300.
What is the correct ending balance for the Materials Inventory account?
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- Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?Marzoni's records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the…3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
- If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000, the materials purchased for the month is P1,200,000 and the ending balance for the month was P300.000, how much was the materials used for the month? 1. P 1,150,000 2. P 1.250,000 3. P 1,500,000 4. P 1,750,000 O 1 O 2 O 3 O 4Required: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct materialBeginning raw materials inventory was $32,000. During the month, $276,000 of raw material was purchased. A count at the end of the month revealed that $28,000 of raw material was still present. What is the cost of direct material used?
- The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in- process inventory Finished goods inventory $ December 31 (Ending) 22,300 32,200 5,500 $ 25,400 29,300 7,200 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statementPurrChem’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
- Compute the raw materials inventory turnover when the amount of raw materials used are 18,000 and had beginning inventory of 3,000 and ending inventory of 5,500.The following information is available for the year ended December 31: Beginning raw materials inventory $ 3,400 Raw materials purchases 4,900 Ending raw materials inventory 3,900 Direct labor expense 1,900 The amount of direct materials used in production for the year is: O $6,900. $5,000. $8,300. $4,400. $4,900.If beginning raw materials inventory was $16,198; raw materials purchases were $37,965; raw materials used were $23,478; and factory labor was $46,706, what amount is in the ending raw materials inventory account?