QUESTION & 6 The following are estimated the estimated sales of a company for eight month endin Navember 30O.2020 Estimated Sales (Units) Month 12,000 April 13,000 May 9,000 June 8,000 July 10,000 August 12,000 September October 14,000 November 12,000 As a matter of policy, the company maintains the closing balance of finished goods and raw materials as follows Inventory Items Finished goods Ending Balance 50% of estimated sales of next month Raw materials Estimated consumption for next month Every unit of production requires 2 kgs of raw materials costing Br, 5 per kg Prepare: Production budget in (units) and raw material budget in (units and cost) of the company for the half year ending September 30,2020

QUESTION & 6 The following are estimated the estimated sales of a company for eight month endin Navember 30O.2020 Estimated Sales (Units) Month 12,000 April 13,000 May 9,000 June 8,000 July 10,000 August 12,000 September October 14,000 November 12,000 As a matter of policy, the company maintains the closing balance of finished goods and raw materials as follows Inventory Items Finished goods Ending Balance 50% of estimated sales of next month Raw materials Estimated consumption for next month Every unit of production requires 2 kgs of raw materials costing Br, 5 per kg Prepare: Production budget in (units) and raw material budget in (units and cost) of the company for the half year ending September 30,2020

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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Problem 1 Perpetual Inventory: Shortage, Entries. Canada Pipe Company uses a perpetual inventory system. The items on hand are inventoried on a rotation basis throughout the year so that all items are checked twice each year. At the end of the year, the following data relating to goods on hand are available: From Perpetual Inventory Units From Physical Count (units) 390 Product Unit Cost P12 A.. 450 B.. 1,500 2,000 8,000 13,000 5 1,520 1,950 7,980 13,100 ...... D....... E. . 426
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $79.00 $592,500 10 Purchase 22,500 89.00 2,002,500 28 Sale 11,250 158.00 1,777,500 30 Sale 3,750 158.00 592,500 Feb. 5 Sale 1,500 158.00 237,000 10 Purchase 54,000 91.50 4,941,000 16 Sale 27,000 168.00 4,536,000 28 Sale 25,500 168.00 4,284,000 Mar. 5 Purchase 45,000 93.50 4,207,500 14 Sale 30,000 168.00 5,040,000 25 Purchase 7,500 94.00 705,000 30 Sale 26,250 168.00 4,410,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…
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Current Attempt in Progress Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,380 660 Ending inventory $ Save for Later Quantities Cost of goods sold $ Sold 360 610 Balance 460 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Attempts: 0 of 1 used Submit Answer
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Question 18 Choose the correct answer from the choices.
The related data of Finland Company: Quantity Unit cost January 1 800 P200 January 12 600 220 January 24 280 230 At month-end, the physical count show 350 units remained. The entity rounds off the unit cost in 2 decimal places. Under FIFO, how much is the cost of ending inventory?
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