Question
In: Accounting
Beijing Manufacturing Company uses perpetual inventory method.Below are the purchases and issues (sent to production) of...
Beijing Manufacturing Company uses perpetual inventory method.Below are the purchases and issues (sent to production) of direct material inventory during April 2020.
|
Date |
Transaction |
Unit |
Unit Cost ($) |
|
April 1 |
Beginning Inventory |
60 |
10 |
|
April 5 |
Purchased |
150 |
16 |
|
April 8 |
Issued |
90 |
-- |
|
April 10 |
Purchased |
220 |
20 |
|
April 14 |
Issued |
250 |
-- |
|
April 15 |
Purchased |
150 |
22 |
|
April 20 |
Issued |
180 |
-- |
|
April 28 |
Purchased |
70 |
25 |
|
April 30 |
Issued |
100 |
-- |
A) Prepare two INVENTORY CARDs for April,
- if the Beijing Company uses Weighted Average Method (WAM) (round to two digits).
- if the Beijing Company uses First-In-First-Out (FIFO).
B) What are the “COST OF DIRECT MATERIAL USED” and the “COST OF ENDING INVENTORY” figures under the both methods?
|
PURCHASES |
ISSUED |
BALANCE |
||||||||
|
Date |
Transaction |
Unit |
Unit Cost |
Total Cost |
Unit |
Unit Cost |
Total Cost |
Unit |
Unit Cost |
Total Cost |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
A company uses a perpetual inventory system. The company's beginning inventory of shoes and the purchases...
A company uses a perpetual inventory system. The company's
beginning inventory of shoes and the purchases during a month as as
follows:
Beginning Inventory Jan 1: 16 pairs at $10 ea
Purchase Jan 11: 14 pairs @ $12 ea
Purchase Jan 20: 23 pairs at $15 ea
On Jan 14 the company sold 25 units of shoes. The other 28 units
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Question 1: Assuming the company uses the average cost flow
assumption what is...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out.
C.
Compute gross profit under for
a...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out
Compute gross profit under for a and b....
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
January 1:
Purchased 30 units at SAR11 per unit
February 5:
Purchased 30 units at SAR 13 per unit
March 16:
Sold 50 Units for SAR 15 per unit
A.Prepare general journal entries to record the March 16 sale using the
FIFO inventory valuation method.
LIFO inventory valuation method.
Weighted average valuation method.
B. What is the cost of...
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
Q1-
A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark)
Q2-
Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the following cash purchases and sales. There was...
A company that uses the gross method of recording purchases and a perpetual inventory system made...
A company that uses the gross method of recording purchases and
a perpetual inventory system made a purchase of $2,200 with terms
of 2/10, n/30. The entry to record the purchase would be:
Debit Merchandise Inventory $2,156; credit Accounts Payable
$2,156. Debit Merchandise Inventory $2,200; credit Accounts Payable
$2,200. Debit Merchandise Inventory $2,156; credit Cash for $2,156.
Debit Merchandise Inventory $2,156; debit Discounts Lost $44;
credit Accounts Payable $2,200. Debit Accounts Payable $2,200;
credit Discounts Lost $44; credit Cash $2,156.
Q3- A company that uses a perpetual inventory system made the following cash purchases and sales. There...
Q3-
A company that uses a perpetual inventory system made the
following cash purchases and sales. There was no
beginning inventory.
January 1:
Purchased 30 units at SAR11 per unit
February 5:
Purchased 30 units at SAR 13 per unit
March 16:
Sold 50 Units for SAR 15 per unit
A.Prepare general journal entries to record the March 16 sale
using the
FIFO inventory valuation method.
LIFO inventory valuation method.
Weighted average valuation method.
B. What is the cost of goods...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It
entered into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
140
units
@ $51.80 per unit
Mar.
5
Purchase
245
units
@ $56.80 per unit
Mar.
9
Sales
300
units
@ $86.80 per unit
Mar.
18
Purchase
105
units
@ $61.80 per unit
Mar.
25
Purchase
190
units
@ $63.80 per unit
Mar.
29
Sales
170
units
@...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It
entered into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
180
units
@
$52.60 per unit
Mar.
5
Purchase
265
units
@ $57.60 per
unit
Mar.
9
Sales
340
units
@ $87.60 per
unit
Mar.
18
Purchase
125
units
@ $62.60 per
unit
Mar.
25
Purchase
230
units
@ $64.60 per
unit
Mar.
29
Sales
210
units
@...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It
entered into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning
inventory
120
units
@ $51.40 per
unit
Mar.
5
Purchase
235
units
@ $56.40 per unit
Mar.
9
Sales
280
units
@ $86.40 per unit
Mar.
18
Purchase
95
units
@ $61.40 per unit
Mar.
25
Purchase
170
units
@ $63.40 per unit
Mar.
29
Sales
150
units
@...
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