The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units

The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. a. Purchased raw materlal on account, P56,700. b. Requlsitioned raw materlals for production as follows: • Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. C. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead Incurred and paid for Is PG6,900. e. Overhead Is applied to production based on 110 percent of direct labor cost. f. Goods costing P97,600 xere completed during the pertod, What is the journal entry for Iransadion ()? a. Work in process inventory 97,600 Finished goods Inventory 97,600 b. Finished goods inventory Work in process inventary 97,600 97,600 Cost of goods sold Work In process inventory C. 97,600 97,600 97,600 d. Work in process inventory Cost of goods sold 97,600
The following transactions of Celtic Manufacturers, that uses the perpetual inventory system, took place during February 2021 in respect of a part used in production: Feb Stock on hand 300 units @ R17 per unit 210 units 01 Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 14 February 2021) 60 units Issued to production 07 14 900 units @ R17.50 per unit 15 350 units 16 25 400 units Using the weighted average cost method, the weighted average price per unit (rounded off to the nearest cent) of the inventory on hand as at 14 February 2021 is, O A. R17.47 B. R17.25 O C. none of the above O D. R17.45
1.1 Complete the table provided using the weighted average cost (AVCO) method (with the weighted (4 marks) average cost per unit expressed to the nearest cent). INFORMATION Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount TRANSACTIONS The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took place during April 2021 in respect of a component used in production: April Transactions 01 Opening inventory 50 units @ R20 per unit 06 Issued to production 30 units 16 Purchased from a supplier 170 units @ R22 per unit 20 Returned to the supplier (See purchase on 16th) 100 units 21 Issued to production 80 units
1.1 Complete the table provided using the weighted average cost (AVCO) method (with the weighted average cost per unit expressed to the nearest cent). INFORMATION Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount TRANSACTIONS The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took place during April 2021 in respect of a component used in production: April Transactions 01 Opening inventory 50 units @ R20 per unit 06 Issued to production 30 units 16 Purchased from a supplier 170 units @ R22 per unit 20 Returned to the supplier (See purchase on 16th) 100 units Issued to production 80 units 21
Prepare the necessary journal entrles from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases: Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead incurred and pald for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. C. e. f. g. What is the journal entry for transaction (c)? 45,600 a. Work In process Wages payable 45,600 b. 45,600 Wages expense Wages payable 45,600 Work in process inventory Wages expense Wages payable 33,100 12,500 45,600 Work in process inventory Manufacturing overhead Wages payable 33.100 12,500 d. 45-600
Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases, Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indilrect labor wages of P12,500. d. C. Overhead Incurred and pald for Is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (b)? Work in process inventory Raw materials Inventory a. 53,865 53,865 Work in pracess inventory Manufacturing overhead Raw materials inventory b. 45,360 8,505 53,865 Work in process inventory Manufacturing overhead Accounts payable 45.360 8,505 53,865 Raw materials inventory Manufacturing overhead control Work in…
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materlals for production as follows: a. Direct materlals: 80 percent of purchases: Indirect materlals: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. C. d. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (a)? Raw materials inventory 56,700 Accounts payable 56,700 b. Work in process inventory Accounts payable 56,700 56,700 Work in process inventory Raw materials inventory C. 56,700 56,700 Raw materials inventory Work in process inventory d. S6,700 56,700
The following information was available from the inventory records of the Lunacia Company for January 2021: Units Unit Cost Total CostBalance, January 01, 2021 2000 9,775.00 19,550.00 Purchases: January 06, 2021 1500 10,300.00 15,450.00 January 26, 2021 3400 10,750.00 36,550.00 Sales January 07, 2021 1800 January 31, 2021 3200 Balance, January 31, 2021 1900 Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?
(Inventoriable Goods and Costs—Perpetual) Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use.1. An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2017. The receiving report shows that the materials were received December 28, 2016.2. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2016, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.”3. Materials costing $7,300 were returned to the supplier on December 29, 2016, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until…
QUESTION ONE The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February 2024 in respect of a part used in production: Feb 01 08 15 16 17 26 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units Stock on hand Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 15 February 2024) Issued to production Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024. ded Sontember F11 D
On May 11 ABC Company sold 100 units to the customer. At the date of this sale the ABC Company’s perpetual inventory records included the following cost layers for the inventory: Purchase date. Quantity. Unit Cost Total Cost May 01 60 $800. $48000May 03 40 $820 $32800May 07 20 $850 $17000 Required: Prepare subsidiary ledger and Journal entries for CGS under: 1. Specific Identification Method ( 60 of the units sold were purchased on May 01 and the remaining units were purchased on May 03) 2. Average cost Method 3. FIFO Method 4. LIFO Method