Question
In: Accounting
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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 Report Number |
Quantity | Unit Price |
Materials Requisition Number |
Quantity | Amount | Date | Quantity | Unit price |
Amount | ||
| May 1 | 210 | $6 | $1,260 | ||||||||
| 21 | 150 | $8 | May 4 | ||||||||
| 105 | 240 | $ | May 10 | ||||||||
| 27 | 100 | 10 | May 21 | ||||||||
| 118 | 140 | 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.
d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Solutions
Expert Solution
a)
| Received | Issued | Balance | |||||||||
| Receiving | Quantity | Unit | Materials | Quantity | Amount | Date | Quantity | Unit | Amount | ||
| Report | Price | Requisition | price | ||||||||
| Number | Number | ||||||||||
| May-01 | 210 | 6 | 1260 | ||||||||
| 21 | 150 | 8 | May-04 | 210 | 6 | 1260 | |||||
| 150 | 8 | 1200 | |||||||||
| 360 | 2460 | ||||||||||
| 105 | 210.00 | 6.00 | 1,260.00 | May-10 | 120 | 8 | 960 | ||||
| 30.00 | 8.00 | 240.00 | |||||||||
| 240.00 | 1,500.00 | ||||||||||
| 27 | 100 | 10 | May-21 | 120 | 8 | 960 | |||||
| 100 | 10 | 1000 | |||||||||
| 118 | 120.00 | 8.00 | 960.00 | May-27 | 80 | 10 | 800 | ||||
| 20.00 | 10.00 | 200.00 |
b. 80 Units , Amount - 800
c.
| Work in Process | 2,660.00 | |
| Materials | 2,660.00 |
d.Managers should know the balance of inventory so that they know when to order more inventory to avoid stockouts
ekkarill92 answered 2 years agoRelated Solutions
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
Report Number Quantity Unit Price Materials Requisition Number
Quantity Amount Date Quantity Unit price Amount May 1 290 $7 $2,030
22 200 $9 May 4 108 330 $ May 10 28 140 11 May 21 121 190 May 27 b.
Determine the...
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
Report
Number
Quantity
Unit
Price
Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
May 1
340
$9
$3,060
23
240
$11
May 4
106
380
$
May 10
29
160
13
May 21
119
230
May 27
Feedback
a. Calculate...
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
Report
Number
Quantity
Unit
Price
Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
May 1
280
$9
$2,520
22
200
$11
May 4
104
320
$
May 10
28
130
13
May 21
117
190
May 27
b. Determine the...
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
Report
Number
Quantity
Unit
Price
Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
May 1
370
$5
$1,850
27
260
$7
May 4
105
420
$
May 10
33
170
9
May 21
118
250
May 27
b. Determine the...
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
Report
Number
Quantity
Unit
Price
The form or electronic transmission used by a
manufacturing department to authorize materials issuances from the
storeroom.Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
May 1
340
$5
$1,700
25
240
$7
May 4
103...
An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials...
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
Report
Number
Quantity
Unit
Price
Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
May 1
370
$6
$2,220
27
260
$8
May 4
100
420
$
May 10
33
170
10
May 21
113
250
May 27
b. Determine the materials inventory balance at
the end of May....
The FIFO inventory method requires that a. the cost of the first items purchased be assigned...
The FIFO inventory method requires that a. the cost of the first
items purchased be assigned to cost of goods sold. b. the cost of
the last items purchased be assigned to cost of goods sold. c. the
earliest goods purchased be allocated to ending inventory. d. the
company uses a perpetual inventory system.
Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
Retail Inventory MethodUncle Butch's Hunting Supply Shop reports the following
information related to inventory:Beginning inventory Cost- $ 35,000 Retail- $ 92,000Purchases Cost- 75,000 Reatil- 200,000Net additional markups Cost- 0 Retail- 15,000Net markdowns Cost- 0 Retail- (22,000)Goods available for sale Cost- $110,000 Retail- $ 285,000Sales (178,000)Ending inventory at retail $ 107,000Calculate Uncle Butch's' ending inventory using the retail
inventory method under the FIFO cost flow assumption. Round the
cost-to-retail ratio to 3 decimal places.
In comparing the ending inventory balances of FIFO andLIFO, the ending inventory value under FIFO...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that...
Computing Cost of Goods Sold and Ending Inventory Under
FIFO, LIFO, and Average Cost
Assume that Madden Company reports the following initial balance
and subsequent purchase of inventory.
Inventory balance at beginning of year
1,820
units @ $150 each
$273,000
Inventory purchased during the year
2,380
units @ $180 each
428,400
Cost of goods available for sale during the year
4,200
units
$701,400
Assume that 2,800 units are sold during the year. Compute the
cost of goods sold for the...
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