This topic is about inventories. Please check the picture for the problem and requirement. EverciseSilang Manufacturing Inc. has the following information regardingmaterials transactions for the month of October:October IBeginning balance200 unitsP16October 5Purchased500 units17October 9Purchased500 units(@)18October 16October 17 Returned from factoryIssued900 units25 units(issued on Oct 16)October 24Purchased900 units19October 24Returned to supplier25 units(from purchased on Oct 9)October 27Issued800 unitsRequired: Prepare journal entries of the above materials transactions applyingnormal cost system (FIFO - Perpetual).

The question is releted to material transactions for the month of October of Silang Manufacturing…

Answered: Evercise Silang Manufacturing Inc. has…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500
Boriales Company provided the following transactions relating to its raw materials inventory during the month of September Sept Particulars Quantity Unit Cost (P) Total (P) 1. Beginning Balance Received from Supplier Issued for production Received from supplier Issued for production Received from production Returned.to supplier (from those received on Sept 21") Issued for production 300 12 3. 200 13 9. 150 16 300 14 18 350 21 300 15 22 30 23 400 Returned to storeroom (from those issued on Sept 18") Issued to production Received from supplier 24 20 26 50 28 200 16 2. Determine the value of ending inventory and materials used under Moving Average Method *use the following heading in an Stock Ledger Card for FIFO Method and Moving Average Method Received Issued Balance Date PR Qty Unit Amount MR Qty Unit Amount Qty Unit Amount No. Cost No Cost cost
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The following data are avilable from the records of Sunflower Manufacturing The following information are taken from the records of Nesabel Company for the 000. quarter ending September 30: 000,00r Inventories July 1 P90,000 6,000 units P24.00/unit bad bas rmateya deoo 19 8.00/unit 480 hours Sept 30 P45,000 5,000 units P20.00/unit 29, 10.00/unitibelM 400 hours dsinvs Materials nolln ei Work in process Direct materials ab Direct labor Machine time Finished Goods 1,000 units P32.00/unit 10.20/unit 85 hours Direct materials Direct labor Machine time beordisvo yzolas aboog lo seo Total manufacturing cost for the quarter was P1,500,000 of which, P497,000 was direct labor cost. Twenty thousand units were placed into process during the quarter. A total of 3,920 machine time were used during the quarter. Sugar Company uses a predetermined overhead rate of P100 per machine time. Materials purchased during the quarter were P601,000 and freight in for these purchases total P15,000. 0. The amount…
If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000, the materials purchased for the month is P1,200,000 and the ending balance for the month was P300.000, how much was the materials used for the month? 1. P 1,150,000 2. P 1.250,000 3. P 1,500,000 4. P 1,750,000 O 1 O 2 O 3 O 4
Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank ebb198fb5044008_2 fill in the blank ebb198fb5044008_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank bc86e1f3a046016_2 fill in the blank bc86e1f3a046016_3 fill in the blank bc86e1f3a046016_5 fill in the blank bc86e1f3a046016_6 fill in the blank bc86e1f3a046016_8 fill in the blank bc86e1f3a046016_9 fill in the blank bc86e1f3a046016_11 fill in the blank bc86e1f3a046016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank e1ca5ffd1ff8fbf_2 fill in the blank…
Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank 402a09f7bfd8fe4_2 fill in the blank 402a09f7bfd8fe4_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank 155ee4fc1fa7016_2 fill in the blank 155ee4fc1fa7016_3 fill in the blank 155ee4fc1fa7016_5 fill in the blank 155ee4fc1fa7016_6 fill in the blank 155ee4fc1fa7016_8 fill in the blank 155ee4fc1fa7016_9 fill in the blank 155ee4fc1fa7016_11 fill in the blank 155ee4fc1fa7016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank b536c9051fba057_2 fill in the blank…
During August, the receipts and distributions of Material No. B4G9 are as follows: Received Aug. 3 1,100 units at $15 16 1,700 units at $17 29 900 units at $18 Issued Aug. 11 700 units for Job 116 18 1,900 units for Job 117 30 800 units for Job 118 a. Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method. b. Journalize a summary entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method. If an amount box does not require an entry, leave it blank. i need help please
The following month-end information is from the adjusted trial balance and other records of Roget Co. for November 2012. Raw materials inventory, beginning 18, 200Raw materials inventory, ending21, 300Work in process inventory, beginning 51, 400Work in process inventory, ending53, 200Rent, office8, 300Direct labor28, 400Raw materials purchased38, 200Advertising expense6, 300Utilities, factory6, 400Maintenance, factory 13, 200 Rent, factory21,400 Instructions: Prepare the schedule of cost of goods manufactured for November.

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