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P2-6 Inventory costing methods The following transactions affecting materials occurred in February: LO3 Feb. 1 Balance...
P2-6 Inventory costing methods The following transactions affecting materials occurred in February: LO3 Feb. 1 Balance on hand, 1,200 ft @ $2.76, $3,312.00 (plastic tubing, materials ledger account #906). 5 Issued 60 ft to production on Materials Requisition No. 108. 11 Issued 200 ft on Materials Requisition No. 210. 14 Received 800 ft from a supplier, Receiving Report No. 634, price $2.80 per ft. 15 Issued 400 ft, Materials Requisition No. 274. 16 Returned to a supplier for credit, 90 ft purchased on February 14, which were found to be defective. 18 Received 1,000 ft, Receiving Report No. 712, price $2.83 per ft. 21 Issued 640 ft, Materials Requisition No. 318. Required: Record the transactions in materials ledger accounts similar to Figure 2-10. (The “On Order” columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places. 1. FIFO 2. LIFO 3. Weighted average
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OJB Company began business in January, 2016. The following transactions occurred in February, 2016: Feb 1 ...
OJB Company began business in January, 2016. The following
transactions occurred in February, 2016:
Feb 1
Purchased supplies on account, $ 400.
2 Received cash from customers on
account, $ 1,750.
3 Paid $
400 on account.
5 Paid
technician $ 750 in salary, including the amount owed at the end of
January.
8 Billed
customers for services provided on account, $ 3,200.
11 Paid cash
for advertising on a local website, $ 300.
12 Received $
3,875 cash...
The following transactions occurred for Mouawad Inc. 1. Inventory costing $295,000 was purchased on account. 2....
The following transactions occurred for Mouawad Inc.
1.
Inventory costing $295,000 was purchased on account.
2.
A new vehicle costing $31,000 was purchased. Mouawad paid
$6,900 as a down payment, and the remaining $24,100 was financed
through a bank loan.
3.
Surplus land was sold for $76,000, which was $16,500 more than
its original cost.
4.
During the year, the company made a payment of $18,000 on its
mortgage payable; $2,250 of this amount was for the interest on the...
19. The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 480 shares of the...
19. The following
selected transactions occurred for Corner Corporation:
Feb.
1
Purchased 480
shares of the company’s own common stock at $28 cash per share; the
stock is now held in treasury.
July
15
Issued 140 of
the shares purchased on February 1 for $38 cash per share.
Sept 1st Issued 100 more of the shares purchased on February 1
for $23 cash per share.
Required:
1.
Indicating the
account, amount, and direction of the effect for the above
transactions....
Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred:...
Alternative Inventory Methods Nevens Company uses a periodic
inventory system. During November, the following transactions
occurred: Date Transaction Units Cost/Unit November 1 Balance 500
$3.50 8 Sale 350 13 Purchase 300 4.00 21 Purchase 200 5.00 28 Sale
150 Required: 1. Compute the cost of goods sold for November and
the inventory at the end of November for each of the following cost
flow assumptions. If required, round your answers to the nearest
dollar. FIFO Cost of Goods Sold $...
The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from...
The following transactions occurred during 2018 for the Beehive
Honey Corporation:
Feb.
1
Borrowed $31,000 from a bank and signed a note. Principal and
interest at 12% will be paid on January 31, 2019.
Apr.
1
Paid $7,400 to an insurance company for a two-year fire
insurance policy.
July
17
Purchased supplies costing $4,700 on account. The company
records supplies purchased in an asset account. At the year-end on
December 31, 2018, supplies costing supplies costing $2,200
remained on hand....
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The
following transactions occurred in October:
Raw materials purchased on account, $209,000.
Raw materials used in production, $189,000 ($151,200 direct
materials and $37,800 indirect materials).
Accrued direct labor cost of $50,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $104,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $9 per machine-hour. A total of
76,200 machine-hours...
The Searider Company uses a job-order costing system. The following transactions occurred in April: Raw materials...
The Searider Company uses a job-order costing system. The
following transactions occurred in April:
Raw materials were purchased on account, $180,000.
Raw materials used in production, $148,000 ($130,000 direct
materials and $18,000 indirect materials).
Accrued direct labor cost of $75,000 and indirect labor cost of
$105,000.
Depreciation recorded on factory equipment, $40,000.
Other manufacturing overhead costs accrued during April,
$118,000.
The company applies manufacturing overhead cost to production
using a predetermined overhead rate of $6 per machine-hours. A
total of...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The
following transactions occurred in October:
Raw materials purchased on account, $209,000.
Raw materials used in production, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $49,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October,
$130,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $8 per machine-hour. A total of
76,200 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The
following transactions occurred in October:
Raw materials purchased on account, $210,000.
Raw materials used in production, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $48,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $6 per machine-hour. A total of
76,400 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company
uses a job-order costing system. The following transactions
occurred in October:
Raw materials purchased on account, $211,000.
Raw materials used in production, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $50,000 and indirect labor cost of
$20,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October,
$129,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $8 per machine-hour. A total of
76,300 machine-hours...
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