DATE RECEIPTS ISSUANCES BALANCES JUNE UNITS UC AMOUNT UNITS UC AMOUNT UNITS UC AMOUNT 800 38.00 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL

DATE RECEIPTS ISSUANCES BALANCES JUNE UNITS UC AMOUNT UNITS UC AMOUNT UNITS UC AMOUNT 800 38.00 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using FIFO method, the raw materials ending inventory amounts to:(two decimal places for unit cost; round of final answer - nearest peso)
Suppose that applied accounts of a production company is as attached. The inventory balances is as follows: raw materials (beginning: 140.000 TL, ending: 115.000 TL), work-in process (beginning: 60.000 TL, ending: 55.000 TL) and finished goods (beginning: 65.000 TL, ending: 80.000 TL). The sales revenue is 2.000.000 TL. Prepare the income statement. Applied to the cost Applied to the period costs Applied to the idle Applied to the cost of TOTAL of production capacity losses PPE Direct materials cost applied account 850,000.00 20,000.00 870.000.00 Direct labor cost applied account 260.000.00 250.000.00 10.000.00 400,000.00 10.000.00 40.000.00 450.000.00 Factory overhead applied account Selling expenses applied account General adm. Exp. Applied acount Financing expenses applied account 70.000.00 70,000.00 120,000,00 120.000.00 30.000.00 15.000.00 45.000.00 TOTAL 1.500.000.00 230.000.00 40.000.00 45.000.00 L815.000.00
Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: Units 350 Unit Cost $ 12 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,300 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? 800 850 350…
The Marigold Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $8,700, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $8,000 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Marigold's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. 2. Materials costing $28,700, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and had not…
A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $165,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Ending Inventory at Year-End Costs Cost Index (Relative to Base Year) 2024 $ 243,800 1.06 2025 324,500 1.18 2026 304,750 1.15 2027 299,700 1.11 Required: Calculate inventory amounts at the end of each year. (nearest whole dollars)
Dunbar sold 590 units of inventory during the month. Ending inventory assuming weighted-average cost would E decimal places and final answer to the nearest dollar amount.)
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021: Using FIFO method, the raw materials ending inventory amounts to: (two decimal places for unit cost; round of final answer - nearest peso) RECEIPTS DATE JUNE UNITS UC ISSUANCES AMOUNT UNITS UC BALANCES AMOUNT UNITS UC 800 38.00 AMOUNT 1 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL
The following information was extracted from the accounting records of Leeds Limited for the month ended 30 April 2021: INFORMATION There is no inventory on hand at the beginning of the month of April for Leeds Limited. The total expected production and sales are 75 000 units and 70 000 units respectively. The selling price per unit is R12. The company’s expenses can be broken down as follows: Leeds limited uses the First-In-First out method of inventory evaluation. REQUIRED: Using the information provided above, prepare the Income statement of Leeds Limited for the month ended 30 April 2021 using: Fixed manufacturing cost is R34 500, Variable manufacturing cost per unit is R3.30, Fixed sales and administration costs are R32 000, Variable sales and administration costs are R1.45 Leeds limited uses the First-In-First out method of inventory evaluation. Using the information provided above, prepare the Income statement of Leeds Limited for the month ended 30 April 2021 using: The…
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
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