Jonson Inc. shows the following data for its raw material inventory used in a manufacturing process. Date Oct. 1 Oct. 4 Oct. 5 Oct. 20 Oct. 24 Oct. 31 Inventory (beginning). Purchase Transfer out. Purchase Transfer out.. Purchase Units 4,000 3,000 5,000 8,000 7,000 3,000 a. Moving Average-Perpetual system. b. FIFO Perpetual system. Unit Cost $14.00 15.40 16.00 16.80 Required Compute cost of materials transferred out (to work in process) and the cost of its raw materials ending inventory assuming use of: c. LIFO Perpetual system.

nkt.1

Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…

Complete the missing figures:  Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year