Question
In: Accounting
Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of...
Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of inventory costing for the following transactions:
June 1 Opening Balance 50 units @ $5.00
June 2 Purchases 40 units @ $4.50
June 3 Issues 70 units
June 4 Purchases 35 units @ $4.00
June 5 Issues 45 units
Prepare the journal entry necessary to charge the raw material issued to the production process.
Solutions
Expert Solution
FIFO
Closing stock = 50 +40 -70 +35 -45
= 10 units
June 3, 70 units issued from 50 units opening and 20 from june 2 purchases
Value = 50*5 +20*4.5
=$340
June 5, 45 units issued from 20 units from june 2 and 25 units from june 4 purchases
= 20*4.5 + 25*4
= $190
Weighted Average Method
For June 3, = 50*5 + 40*4.5 / 90 Units
= 430/ 90
= $4.77 per unit
Value of stock issued on june 3 = $4.77* 70
= $334
Issued on 5th june = 430+140 / 125
=$ 4.56
= 45*4.56
= $205.2
Journal entry -
June 3
WIP inventory A/c Dr. $344
To Raw material a/c $344
(Stock issued to production)
June 5
WIP inventory A/c Dr. $205.2
To Raw material a/c $205.2
(Stock issued to production)
Note - For doubt feel free to get in touch using comment section. You will get promt reply. Thanks :)
ekkarill92 answered 1 year agoRelated Solutions
Calculate the Ending inventory from the following information using FIFO, WEIGHTED AVERAGE methods of Material issues:...
Calculate the Ending inventory from the following information
using FIFO, WEIGHTED AVERAGE methods of Material issues:
The details relating to the purchase and sales of Material X is
given below. Calculate the Ending inventory and Cost of goods sold
for the Material X:
Date
PARTICULARS
OMR
1.1.2014
Opening stock of Material X 250 units at
1.200
5.1.2014
Purchased 350 units of Material X at
1.275
7.12014
Purchased 425 units of Material X at
1.340
10.1.2014
Sold 800 units
12.1.2014
Purchased...
Using Weighted Average, FIFO and LIFO inventory cost flow methods calculate inventory. Be sure to show...
Using Weighted Average, FIFO and LIFO inventory cost flow
methods
calculate inventory. Be sure to show all
work!!!
Beginning
Inventory
600 units @$6
February
purchase
400 units @$7
April
Purchase
700 units @$8
June
purchase
300 units @$9
sold 500
units
Weighted
Average
FIFO
LIFO
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory
Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item
available for sale during the year were as follows:
Jan. 1
Inventory
10
units at $36
$360
Aug. 7
Purchase
15
units at $38
570
Dec. 11
Purchase
15
units at $39
585
40
units
$1,515
There are 18 units of
the item in the physical inventory at December 31. The periodic
inventory system is used. Determine the inventory cost using (a)
the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
15
units at $36
$540
Aug. 7
Purchase
20
units at $37
740
Dec. 11
Purchase
15
units at $38
570
50
units
$1,850
There are 19 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
9
units at $28
$252
July 7
Purchase
6
units at $31
186
Nov. 23
Purchase
14
units at $33
462
29
units
$900
There are 17 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
10
units at $26
$260
Aug. 7
Purchase
15
units at $28
420
Dec. 11
Purchase
10
units at $29
290
35
units
$970
There are 16 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods The units of an item available for sale during the year
were as follows: Jan. 1 Inventory 5 units at $37 $185 Aug. 7
Purchase 18 units at $39 702 Dec. 11 Purchase 13 units at $40 520
36 units $1,407 There are 16 units of the item in the physical
inventory at December 31. The periodic inventory system is used.
Determine the inventory cost using
(a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods The units of an item available for sale during the year
were as follows: Jan. 1 Inventory 13 units at $41 $533 Aug. 7
Purchase 19 units at $44 836 Dec. 11 Purchase 13 units at $46 598
45 units $1,967 There are 16 units of the item in the physical
inventory at December 31. The periodic inventory system is used.
Determine the inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
5
units at $34
$170
Aug. 7
Purchase
19
units at $35
665
Dec. 11
Purchase
14
units at $37
518
38
units
$1,353
There are 19 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
4
units at $31
$124
Aug. 7
Purchase
20
units at $33
660
Dec. 11
Purchase
13
units at $35
455
37
units
$1,239
There are 17 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a) the first-in, first-out...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Consider the following linear programming problem: Maximize 10X + 8Y Subject to: 40X + 24Y <=...
- Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
- Think about a company you have worked for, either currently or in the past. Reflect upon...
- 1) X Bank has $1 million in new funds that must be allocated to mortgage (home)...
- Needs to be done in PYTHON A. Create a Dollar currency class with two integer attributes...
- Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget...
- Consider the case of Falcon Freight Inc. (FF): Five years of realized returns for FF are...
ADVERTISEMENT