Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs Prepare schedule of cost of goods manufactured. Beginning of 2017 21,000 26,000 13,000 End of 2017 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000

Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs Prepare schedule of cost of goods manufactured. Beginning of 2017 21,000 26,000 13,000 End of 2017 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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Cost of materials issuances under the FIFO methodAn 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.B. 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 in maintaining inventory quantities on hand.
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.…
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
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 Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 270 $8 $2,160 $10 2,160 V 25 190 May 4 270 8 190 1,900 V 10 4,060 x 460 X 4,060 X 102 310 May 10 10 31 130 12 May 21 460 x 10 1,560 X 130 12 1,560 V 115 180 1,380 X May 27 180 X 12 1,560 x
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.
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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 Receiving Received Report Number Received Quantity Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 260 $9 $2,340 25 180 $11 May 4 260 9 2,340 180 11 1,980 103 290 May 10 11 31 120 13 May 21 116 170 May 27 b. Determine the materials inventory balance at the end of May.
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