The journal entry to record the purchase of $24,110 of raw materials is a. Materials$24,110 Accounts Receivable$24,110 b. Materials$24,110 Accounts Payable$24,110 c. Inventory$24,110 Accounts Receivable$24,110 d. Inventory$24,110 Cash$24,110
Q: 2-7 FIFO costing Using first-in, first-out perpetual inventory costing and the follow- ing…
A: This question deals with the calculation of inventory under FIFO basis. First in first out(FIFO)…
Q: Fill in the lettered blanks to complete the cost of goods sold sections. B M O…
A: Fill in the letter blanks:
Q: Use the following data for Exercises E16-16, E16-17, and E16-18. Selected data for three companies…
A: A company is a legal entity which is formed by a group of people. The company is an ongoing entity…
Q: Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for…
A: Formula: Cost of finished goods available for sale = Beginning finished goods + Cost of goods…
Q: S1: The “Shipment to Branch” account is added to the home office’s purchase account in determining…
A: 1. While determining the cost of goods sold, the shipment would be added to the office purchase.…
Q: 1. LIFO - January - LIFO - January Purchases Cost of Goods Sold Balance Date Units Rate Cost Units…
A: Answer) Highest Issue Price: Highest issue price is $ 16.00 per unit. Date of Highest Price is…
Q: The “Shipment to Branch” account is added to the home office’s purchase account in determining home…
A: While determining the cost of goods sold, the shipment would be added to the office purchase.…
Q: Journal entries of the following question 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight…
A: Journal entry means the entry in prime book with chronological order. Journal entry should have…
Q: Statement 1: The “Shipment to Branch” account is added to the home office’s purchase account in…
A: A branches a unit of a mercantilism placed a long way from the house workplace. A branch usually…
Q: debit to Work - in - Process Inventory $4,384 and a credit to Finished Goods Inventory $4,384 debit…
A: Journal entry: Journal entry is a set of economic events which can be measured in financial terms.…
Q: Question 1: Calculate the cost of material available for use, cost of material issued and cost of…
A: Under the periodic inventory system inventory is updated at the last of the year.
Q: 1. Merchandise Available for Sale FG, end = 2. Sales - (Sales Returns and Sales Discount) = 3. Cost…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale…
A: Since you have asked a question with multiple subparts, we will solve the first three subparts for…
Q: Calculate the cost of goods available for sale. Inventory Opening Closing Material $100 $120 Work…
A: COST OF GOODS AVAILABLE FOR SALE : COST OF GOODS MANUFACTURED + COST OF FINISHED GOODS INVENTORY AT…
Q: Describe the events that correspond to the following two journal entries:Questions For Review of Key…
A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…
Q: Compute cost of goods sold using the following information: $ Finished goods inventory, beginning…
A: Given the following information: Finished goods inventory: $800 Beginning Cost of goods…
Q: 37 [Question text] The length of time between the purchase of inventory and the receipt of cash…
A: Operating Cycle Operating cycle of the business which is described as the period in which entity who…
Q: Additional information: . Rent is to be apportioned: factory %; office ¼ Inventory at 31 December…
A: Statement of cost of production:
Q: The following accounts are included in the ledger of David Company: Advertising expense Freight-in…
A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory
Q: Prepare the journal entries to record the following transactions related to buying and selling…
A: Journal entries are the record of financial transactions.
Q: PROBLEM 3 Use both FIFO and WEIGHTED AVE in computing the required balances:…
A: First in First out (FIFO) is an inventory valuation method in which the earliest inventory hold by…
Q: B) Cost of goods sold will be shown. *22. Identify the accounts that are added to or deducted from…
A: Periodic inventory system is an inventory system in which all purchases and sales transactions…
Q: The following documents are used in the process of purchasing and using raw materials: (1) Despatch…
A: A store ledger account is defined as the manual or digital record of the raw materials purchased and…
Q: Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some…
A: Gross Margin: Gross Margin is margin left after reducing cost of goods sold from the Sales revenue.…
Q: 6. Raw materials issued to production (Use the periodic inventory system) 7. Cash refund for raw…
A: Operating activities is defined as the generation and outflow of the cash from day to day activities…
Q: Feb. 10: Sold merchandise inventory on account for S4,300. Payment terms were 3/15, n/30. These…
A: Journal entry: It is prepared to record the financial and non financial transaction of the business…
Q: Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the…
A: Sales 1500 Less: gross profit (10%) (150) Cost of units sold during the year (Q 19)…
Q: a2/ The following data industrial company for materials (X) 1/2 Balance :1000 unit@10$ 1/5 Issued…
A: First In First Out Method - In this method, units which are purchased firsts are supposed to be…
Q: Information on Entity A's inventory of Product A is as follows: Units 3,000 Total Cost P 58,650 Unit…
A: The Numerical has covered the concept of the Moving Average Method. The Moving Average Method…
Q: Exercise 5-13 Below is a series of cost of goods sold sections for companies B, M, O, and S.Fill in…
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: updating, to calculate (a) sales revenue, (b) cost of goods sold, anc Company, considering the…
A: a) Sales Revenue Number of units Unit Rate Total A B = A*B Sales Revenue 88 75 =6,600…
Q: A manufacturer's Raw Materials Inventory account appears as follows: Raw Materials Inventory 26, 100…
A: Cost of Manufacturing :— Cost of Manufacturing Include all type of Cost Incurred during the…
Q: Beginning Inventory $74,323 Work in Process Inventory Purchases $253,210 Beginning inventory…
A:
Q: Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting…
A: Cost of Goods Sold=Beginning Inventory+Net Purchases-Ending Inventory
Q: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to…
A: Journal entries shows the recording of the transactions and every transaction have dual impact that…
Q: Question 1: Calculate the cost of material available for use, cost of material issued and cost of…
A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…
Q: Compute cost of goods sold using the following information. $12,200 Merchandise inventory, beginning…
A: Cost of goods sold: It is the cost of acquiring the goods or manufacturing the goods which are sold…
Q: 1. Merchandise Available for Sale - FG, end = 2. Sales - (Sales Returns and Sales Discount) = 3.…
A: The question is related to Cost Sheet.
Q: 1. On April 5, purchased merchandise on account from Pina Company for $ 27,200, terms 4/10, net/30,…
A: Discount amount = net Purchase x discount rate = (27200-3300) x4% = $956
Q: Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: 1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to…
A: Gross method is the method of recording the cash discount where discount is recorded at the time of…
Q: 9. Review the following transactions, and prepare any necessary journal entries for Renovation…
A: In an accounting cycle, posting journal entries are considered as the first step. There are certain…
Q: Ex2\ Determine the missing amounts in each the following independent cases: Data حدد المتالغ…
A: Inventory refers to the goods or items which are stored by the business either for selling or for…
The
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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…Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit Rs. Total Cost Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30 Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150Multiple Choice a debit to Materials Inventory, $15,945. a debit to Materials Inventory, $16,670. a debit to Work-in-Process Inventory, $15,945. a credit to Work-in-Process Inventory, $15,945.
- 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 Receiving Report Quantity Number 23 29 Feedback 220 150 Unit Price $10 12 Materials Requisition Quantity Number 103 116 360 210 Amount b. Determine the materials inventory balance at the end of May. 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 220 Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 Amount $2,560 2,560✔ 2,200✔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 Report Number 21 27 Quantity 240 d. Comparing 160 Unit Price $8 10 Materials Requisition Number 107 120 Issued Quantity b. Determine the materials inventory balance at the end of May. 380 230 Amount Date May 1 May 4 May 10. May 21 May 27 Quantity 340 Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Unit price $6 Amount $2,040 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)( causes idle time.Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Total Cost Rs Date Jan 01 Jan 05 Jan 06 Jan 09 Details Beg Inventory 20 Purchases Issued Purchases Purchases Issued Units Cost per unit Rs. 10 200 50 11 550 30 40 12 480 Jan 15 20 13 260 Jan 20 60 Jan 28 Purchases 10 15 150
- inventory quantities OH nanu. EX 19-3 Entry for issuing materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 103 Plastic 400 $ 2,800 104 Steel 402 24,000 105 Glue Indirect 1,620 106 Rubber 403 3,200 107 Titanium 404 31,600 Journalize the entry to record the issuance of materials.02/ The following data industrial company for materials (X) 1/2 Balance 1000 unit@10$ 1/5 Issued 500 unit 1/9 purchase S00 unit @12 1/10 purchase 1000 unit @14 25/11 Returen 200unit fram issued quantity 5/1 1/30 purchase 300 unit @15 R)prepare the cost of materials used and the cost assigned to the ending inventory using (LiFo, weighted averge method)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 Issued Materials Requisition Number Report Number 23 +A 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 Issued Quantity 380 230 LA Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 000000 Balance Unit price c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. $8 000000 Balance Amount $2,720 000000 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
- Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150Cost 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 Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time2. 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 1 293 $30.40 $8,907 40 135 $31.20 May 4 91 362 May 10 44 107 38.10 May 21 97 103 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…