QUESTIONS FOUR The following information was provided by Dzemkple Limited for the two weeks month of August, 2018 for material Zorklaley Stock on 01/08/2018 100 units @ GHc 5 per unit DATE PURCHASES DATE ISSUES 05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units 08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units 12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 units You are required to calculate using FIFO and Weighted Average methods of pricing issues: (a) The value of materials consumed during the period (b) The value of stock of materials on the 31/08/2018

QUESTIONS FOUR The following information was provided by Dzemkple Limited for the two weeks month of August, 2018 for material Zorklaley Stock on 01/08/2018 100 units @ GHc 5 per unit DATE PURCHASES DATE ISSUES 05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units 08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units 12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 units You are required to calculate using FIFO and Weighted Average methods of pricing issues: (a) The value of materials consumed during the period (b) The value of stock of materials on the 31/08/2018

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
Larkspur Corporation has the following cost records for June 2022. Indirect factory labor Direct materials used Work in process, 6/1/22 Work in process, 6/30/22 Finished goods, 6/1/22 Finished goods, 6/30/22 (a) $4,800 20,800 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment 3,120 3,960 5,200 Indirect materials used 7,800 Factory manager's salary Your answer is partially correct. Prepare a cost of goods manufactured schedule for June 2022. $420 1,460 41,600 1,880 2,400 3,120
PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…
Beginning inventor: 100 units @P1.50purchases: Jan 24 – 330 units@P1.56 Jun 11-150 units @P1.60 Oct 15- 150 units @P1.70.Units sold: Feb 8 – 100 units @P2 Mar 18 – 100 units @ P2.50 Aug 18 – 150 units @P3.00 Sept 6 – 100 units @P3.50 Dec 29 – 100 units @P5.1. If a perpetual inventory system is used on a FIFO basis, what will be the value of the ending inventory?2. Which method will end in a gross profit of P873.99?
10. Prepare a statement showing the pricing of issues, on the basis of FIFO, LIFO, Weighted average method 2018 March 1 Purchased 300 units @ 9.5 each 2 Purchased 200 units @ OMR 9.25 each. Issued 250 units to Job X vide M.R.No.12 Purchased 100 units @ OMR 9.50 each Purchased 100 units @ OMR 9.80 each Issued 300 units to Job Y vide M.R.No.15 Issued 100 units to Job Z vide M.R.No.17 Purchased 200 units @ OMR9.90 each Issued 150 units to Job K vide M.R.No.25 10 13 18 20 25
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PS-10: Zurich:Company provldod Iho following.ilnformation porlainlng to he movement of jie Total P3,600 :7,000 raw matorlals lnvontory for: lho'month of Soptomber 2015: Quantly 300 500 400 500 400 100 100 Unit Cost P12 Boglnning balanco. 3 Rocolvod fromisuppllor. 9 :" İssued lo, prodúctlon; 16 Sept. 6,500 "Rocelvod from suppller 18. Issuodito prodüctlon. 21 Recelvod from:suppller . 26 Issuad to productlon 1,600 There were'no inventorles of Indirect materlals:" Řequired: Case 1-Calculate the costiof materials usediand ending inventory:ünder:each:of the following. FIFO-perlodic b FIFO-perpotual LIFO- periodíc LIFO – perpetual.: Average-periodie Average:- perpetuali Case 2- Assuming after physical inspęction on: September 30th; Zurich determined that there were only 480 units left on hand, calculatë the cost of rawmaterials and: ending inventory under each of the following: FIFO periodic. FIFO.- perpetual. LIFO=periodic. d: LIFO.- perpetual Average -periodic Average = perpetual CS Scanned…
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The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing