Kingsley Company uses the periodic inventory system to account for its inventories. Here are Kingsley’s inventory records for January and February of 2017:

1. Assume that Kingsley has consistently used the FIFO method.   Compute the total cost of the 24 units in the ending inventory as of February 28, and compute the cost of goods sold for the month of February (only).
2. Assume that Kingsley has consistently used the LIFO method.   Compute the total cost of the 24 units in the ending inventory as of February 28, and compute the cost of goods sold for the month of February (only).
3. Assume that Kingsley has consistently used the Weighted Average Cost method.   Compute the total cost of the 24 units in the ending inventory as of February 28, and compute the cost of goods sold for the month of February (only).

Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company’s products, a football helmet for the North American market, requires a special plastic. During the quarter ending June 30, the company manufactured 3,500 helmets, using 2,555 kilograms of plastic. The plastic cost the company $19,418. According to the standard cost card, each helmet should require 0.65 kilograms of plastic, at a cost of $8.00 per kilogram. Required:

PART 1. According to the standards, what cost for plastic should have been incurred to make 3,500 helmets? How much greater or less is this than the cost that was incurred? (Round Standard kilograms of plastic per helmet to 2 decimal places.)

During Year 1, Reforce Company conducted research and development on a new product and incurred $60,000 research and $300,000 development cost. The company had determined that all of the IAS 38 criteria have been met for capitalization of development cost. On January 2, Year 2, the product is ready for sale and is expected to be marketable for 3 years.

What was the difference between IFRS and U.S.GAAP for Year 1 total assets?

FIFO perpetual inventory

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2016, are as follows:

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Question UPDATED (3 parts)

Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December.

Raw materials were requisitioned from the company’s inventory on December 2 for $ 5,064; on December 8 for $ 1,068; and on December 14 for $ 3,450. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52.

Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $ 17.5 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52.

The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2,093 hours, and the anticipated overhead costs are $ 837,200 for the year. The machines were used by workers on projects K52 and J57 on December 3, 9, and 15. Six machine hours were used for project K52 (2 each day), and 8.5 machine hours were used for project J57 (2.5 the first day and 3 each of the other days). Both of these special orders were completed on December 15, producing 200 sprinkler heads for J57 and 100 sprinkler heads for K52.

Additional job order activities during this period included:

Part 1

Set up the job cost sheets for Job No. J57 and Job No. K52. Determine the total cost for each manufacturing special order for these jobs. (Round unit costs to 2 decimal places, e.g. 12.25.)

Part 2

Journalize the activities from these job cost sheets in the general journal. Also, journalize the other costs that occurred during this period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)

Part 3

Assuming that Manufacturing Overhead has a debit balance of $ 3,600, determine whether overhead has been under/over applied and make the adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)