5.Balmond Manufacturing Company uses the FIFO method of accounting for Raw Materials. Determine the amount charged to work in process for the quarter using the following information *6.What is the balance of the Raw Materials accounts at the end of the quarter? * Balances as of Oct 1:CashP246,750.00Raw Materials , 5,000 unitsWork in processAccounts payable, creditFactory overheadP 88,500.00P 81,000.00P 63,000.00noneTransactions for the last quarter of the year are summarized below:a. Raw Materials purchases during the quarter, 14,000 @ P18 per unit on accountb. Raw materials requisitioned during the quarter, 12,000 units of which 10% is indirect materials.c. Excess materials returned to the storeroom, 800 units, all are direct materials.d. Raw materials returned to vendor because of defective quality, 500 unitse. Payment to vendors, P190,000

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Balances as of Oct 1: P246,750.00 P 88,500.00 P 81,000.00 P 63,000.00 Cash Raw Materials , 5,000 units Work in process Accounts payable, credit Factory overhead none Transactions for the last quarter of the year are summarized below: a. Raw Materials purchases during the quarter, 14,000 @ P18 per unit on account b. Raw materials requisitioned during the quarter, 12,000 units of which 10% is indirect materials. c. Excess materials returned to the storeroom, 800 units, all are direct materials. d. Raw materials returned to vendor because of defective quality, 500 units e. Payment to vendors, P190,000

Balances as of Oct 1: P246,750.00 P 88,500.00 P 81,000.00 P 63,000.00 Cash Raw Materials , 5,000 units Work in process Accounts payable, credit Factory overhead none Transactions for the last quarter of the year are summarized below: a. Raw Materials purchases during the quarter, 14,000 @ P18 per unit on account b. Raw materials requisitioned during the quarter, 12,000 units of which 10% is indirect materials. c. Excess materials returned to the storeroom, 800 units, all are direct materials. d. Raw materials returned to vendor because of defective quality, 500 units e. Payment to vendors, P190,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...

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