The following transactions of Gem Manufacturers took place during August 2022 in respect of a component used in production: Aug 01 Opening inventory 11 17 18 31 Purchased from a supplier Purchased from a supplier Returned to the supplier (see 17 August) Issues to production during August 1 000 units at R20 per unit 3 000 units at R21 per unit 1 800 units at R22 per unit 800 units 3 800 units
Q: Exercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M)…
A: The overhead is applied to the production on the basis of a pre-determined overhead rate. The…
Q: Use the above balance sheet and income statement to prepare the operating activities section by…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: LIFO Layer Liquidations and Net Income. The following information is taken from the annual report of…
A: As per the given information:
Q: Zortek Corporation budgets production of 430 units in January and 370 units in February. Each…
A: MATERIAL PURCHASE BUDGETMaterials Budget is the budget that includes quantities of direct materials…
Q: On January 25, Choo Choco Factory hired an employee who works five days a week from Monday to Inday…
A: If salary is yet to be paid we credit salaries payable account and not cash account.
Q: Which of the following is a true statement? O An amount realized on the disposition of property…
A: Correct Option:- Amounts realized can take the form of money, property, services, or assumption of…
Q: Robert shares the following information with you, as you ponder different scenarios to help your…
A: According to the question given, we need to compute the net income.Cost, volume, and, profit…
Q: Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic…
A: The physical count of inventory is conducted on a regular basis, often at the conclusion of an…
Q: Which certification involves economics, management, corporate finance and management accounting? A.…
A: Economics: This includes topics related to economics, such as microeconomics and macroeconomics.…
Q: An auditor desired to test credit approval on 10,000 sales invoices processed during the year. The…
A: Sampling means the process of selecting a representative subset of items from a larger population…
Q: Make the entry to record sales taxes payable and sales revenue. (Credit account titles are…
A: Sales tax revenue refers to the amount of money collected by a government or tax authority from the…
Q: Rock Bottom Gold Company recently repurchased 7.19 million shares of its common stock for $48 per…
A: The Stockholder's equity tells about the issued capital and Retained earnings of the business. The…
Q: Common shares Retained earnings Total liabilities and shareholders' equity Additional information:…
A: The cash flow statement is part of the financial statements of the company. It is prepared at the…
Q: You run a school in Florida. Fixed monthly cost is $5,755.00 for rent and utilities, $5,797.00 is…
A: Costs in a business are in any type of activity are of two main types – fixed costs and variable…
Q: Michael Corporation has the following information as of December 31 of the current year: Common…
A: The outstanding shares are the number of shares that are available with the shareholders. The…
Q: Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced.…
A: Variable Overhead Spending Variance :— It is the difference between actual hours at standard…
Q: AB Co. pays out 60% of its earnings as dividends. Its return on equity is 15%. What is the stable…
A: Dividend refers to the amount that is distributed to the shareholders' for the shares held by the…
Q: Rangee Rover Inc. had taxable income of $218,500 for the year. The GAAP basis of accounts receivable…
A: Deffered tax assets or liabilities arises when there is any temporary difference between accounting…
Q: During the year ended December 31, 2024, Swifty Corporation, a public company, had the following…
A: Financial Statement are the those statements that shows the actual position of the company including…
Q: Required: a. Allocate the cost of the service departments to the operating departments using the…
A: There are three common methods to allot or distribute the service costs to operating departments.…
Q: Winston Corp., a U.S. company, had the following foreign currency transactions during 2021: (1.)…
A: Foreign currency is currency other than domestic currency. When there is dealing in foreign currency…
Q: The following cost information is available for July for the Crest Plant at Calvert Company:…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: LIFO Layer Liquidations and Net Income. The following information is taken from the annual report of…
A: Under LIFO (Last In first out), when determining the cost of goods sold (COGS), the cost of the most…
Q: Sunland Company uses a perpetual inventory system and reports the following for the month of June.…
A: Under the FIFO method, the oldest products in inventory have been sold first.Under the LIFO method,…
Q: [The following information applies to the questions displayed below.] Selected comparative financial…
A: The current assets must be divided by the current liabilities so as to know the current ratio. The…
Q: On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value…
A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…
Q: On Assignment 2 by Jacklyn Dorman 364 We have shown how one product facet (packaging) can be…
A: Whole product :- It is a product which is designed in such a way that it influence the customer to…
Q: On July 31, the payroll register for White Sales Company showed the following totals for the month:…
A: Salaries paid to the employee is subject to certain deductions like income taxes, Medicare taxes…
Q: [The following information applies to the questions displayed below.] Raner, Harris and Chan is a…
A: Income statementAn income statement is the statement that is one of the parts of the financial…
Q: These transactions took place for Crane Company 2021 May 1 Received a $6,900, 12-month, 7% note in…
A: In accounting, accrued interest alludes to the sum of interest that really has accumulated on a debt…
Q: (a) Your answer is partially correct. Prepare the note disclosing the components of pension expense…
A: Accumulated other comprehensive income( OCI) is that income which includes unrealized gains and…
Q: Caring Hospitals (‘Caring’) is a private company that owns and runs a large hospital in the UK. The…
A: Auditing refers to the systematic examination and evaluation of an organization's financial records,…
Q: The cutting department of Blossom Manufacturing has the following production and cost data for July.…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
Q: C Company purchased 80% of the outstanding common stock of G Company on January 2, 2020, for…
A: Consolidation aims to streamline operations, eliminate redundancies, achieve economies of scale, and…
Q: Comparative data on three companies in the same service industry are given below: Required: 2. Fill…
A: Lets understand the basics.Margin ratio is a net operating income generated from the sales.Margin =…
Q: The Mixing Department's production cost report for May shows $12,500 in total costs, of which $2,500…
A: Journal entry is the first stage of accounting process.Journal entry used to record business…
Q: A permanent steel building used for the overhaul of dewatering systems (engines, pumps, and…
A: Modified Accelerated Cost Recovery System It is a system used for calculating depreciation for tax…
Q: Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue,…
A: Journals in the accounting refers to the recording of the transaction in their respective books…
Q: A small truck is purchased for $132,000. It is expected to be of use to the company for 9 years,…
A: Depreciation means reduction in value of fixed assets over the period of time. Under declining…
Q: Interest payment is: A. The effective interest rate times the amount of the debt outstanding during…
A: Debt :— It is the amount borrowed for specific time period. Example:- Bonds payable, Notes payable,…
Q: Create a table and prepare the closing journal entries
A: Closing journal entries are those journal entries which are passed at the end of the period to close…
Q: Babybus Company Comparative Statements of Financial Position December 31 operty, plant, and…
A: A cash flow statement is a financial report that details how cash entered and left a business during…
Q: Jackie Company is an FIRB-registered enterprise. Following is its financial performance for a…
A: The Philippine Government has formulated policies to support Export-oriented enterprises under the…
Q: 6. ADS and MACRS. (Obj. 1) Peter purchased the following new properties to use in his business.…
A: ADS uses the straight-line method of depreciation, which spreads the cost of the asset evenly over…
Q: Multiple-Product Break-even Andrews Sporting Goods, Inc., produces and sells children's softball…
A: The break even sales are the sales where business earns no profit or loss during the period. The…
Q: Required information Exercise 6-16 (Algo) Break-Even Analysis and CVP Graphing [LO6-2, LO6-4, LO6-5]…
A: Break-even point :— It is the point of production where total cost is equal to total revenue. At…
Q: Boilermaker House Painting Company incurs the following transactions for September. September 3…
A: To record transactions and maintain track of business activities, the business entities enter the…
Q: Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them…
A: The expected selling price of an item or collection of assets less the estimated costs of completing…
Q: Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On…
A: Retained earnings statement : It is a financial statement that shows changes in retained earnings…
Q: Oster Manufacturing uses a weighted-average process costing system and has the following costs and…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
Please assist with the Value of closing inventory using the first-in-first-out (FIFO) method
1. Value of issues to production using the first-in-first-out (FIFO) method
2. Value of closing inventory using the weighted average cost method
Step by step
Solved in 4 steps with 2 images
- 1.1 REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production: Date Transactions 01 07 15 24 27 30 Opening inventory Purchased from a supplier Date Issued to production Purchased from a supplier Returned to the supplier (see 24") Issued to production Table to complete: Purchases Quantity Price 180 units @ R10 per unit 900 units @ R11 per unit 630 units 540 units @ R12 per unit 100 units 600 units Issues and returns Amount Quantity Price Amount Quantity Balance Price AmountInformation: The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production: Jan 01 08 12 15 18 25 27 Stock of component X on hand Issued to production Purchased from supplier Returned to supplier (purchased on 12 January 2022) Issued to production Purchased from supplier Issued to production 150 units @ R24 per unit 110 units 200 units @ R25 per unit 30 units 170 units 140 units @ R26 per unit 130 units Required: Calculate the value of closing inventory on 31 January 2022 using the: 2.1.1 First-in-first-out (FIFO) method 2.1.2 Weighted Average Cost MethodQUESTION 4 The following information was extracted from the accounting records of ABC Manufacturers for the year ended September 2020: UNITS Inventory at the beginning of the year Production for the year Sales for the year (at R75 per unit) Nil 20 000 18 250 Direct Materials cost per unit Direct Labour cost per unit Variable Manufacturing overheads per unit Variable selling and administrative cost per unit Fixed manufacturing overhead cost Fixed selling and administrative cost The company utilises the first-in-first-out method of inventory valuation. 21 7 8 182 000 77 000 REQUIRED: 4.1 Prepare the Income Statement using the Marginal Costing method. 4.2 Prepare the Income Statement using the Absorption Costing 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 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✔The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…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 40 44 Quantity 130 d. Comparing 110 Unit Price $32.00 38.00 Materials Requisition Number 91 97 b. Determine the materials inventory balance at the end of May. Issued Quantity 365 100 Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 285 Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave blank. 88 Unit price $30.00 Amount $8,550 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
- < CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)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…View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
- 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 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 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 the exact wording of the account titles. CNOW…1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 ТОTAL 1,421,800 1,421,800 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i.…The following information relates to the only product made by Mario Traders for the year ended 31 July 2022:Opening inventory 0Number of units manufactured 945 000Number of units sold (at R310 per unit) 756 000Direct materials cost per unit R94Direct labour cost per unit R123Variable manufacturing overheads cost per unit R92Variable selling expenses per unit R22Fixed manufacturing overheads cost R18 900 000Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Absorption costing method