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- REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production: Date 01 Opening inventory 07 15 24 27 30 Transactions Date Purchased from a supplier Issued to production Purchased from a supplier Returned to the supplier (see 24th) Issued to production Table to complete: Purchases Quantity Price Amount 180 units @ R10 per unit 900 units @ R11 per unit 630 units 540 units @ R12 per unit 100 units 600 units Issues and returns Quantity Price Amount Quantity Balance Price AmountUse the information provided to answer the questions. Complete the table provided using the weighted average cost (AVCO) method (with the weighted average cost per unit expressed to the nearest cent). 1.1 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 Retumed to the supplier (See purchase on 16th) 100 units 21 Issued to production 80 unitsGarrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ FIFO perpetual Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO…
- Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 1 $ fill in the blank 2 May $ fill in the blank 3 $ fill in the blank 4 FIFO perpetual Cost of Goods Sold Ending Inventory April $ fill in the blank 5 $ fill in the blank 6 May $ fill in the blank 7 $ fill in the blank 8 LIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 9 $…Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.40 25 Sale 150 28 Purchase 100 5.90 May 5 Purchase 250 5.40 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ FIFO perpetual Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ NO handwritten answer allowed thankuCURRENT COST ACCOUNTINGProblem 38. WWW had the following transactions for the current year with respect to its inventory: On January 1, the entity purchased 50,000 units at P100 per unit. During the year, the entity sold 40,000 units at P180 per unit. The entity paid P700,000 for operating expenses. The current replacement cost of the inventory on December 31 is P150 per unit.Required: Based on the result of your audit, determine the following:1. What is the realized holding gain on inventory for 2010?2. What is the unrealized holding gain on inventory for 2010?3. What is the cost of sales to be reported under current cost accounting?.
- A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?Jammy Company developed the following information about its inventories in applying the lower of cost and market (LCM) basis in valuing inventories: 1. Market $ 75.000 48,000 102.000 Product Cost $ 70,000 50.000 100,000 A. The value of the inventory reported on the balance sheet should be a. $227.000. b. $220.000. $225,000. $218.000.
- The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…7. Topanga Group began operations early in 2024. Inventory purchase information for the quarter ended March 31, 2024, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase January 7 February 16 March 22 Totals Units 9,000 25,000 29,000 63,000 Unit Cost RM 4.00 5.00 6.00 Total Cost RM 36,000 125,000 174,000 RM 335,000 Sales for the quarter, all at RM9 per unit, totaled 36,000 units leaving 27,000 units on hand at the end of the quarter. Required: 1. Calculate Topanga's cost of goods sold for the first quarter using: a. FIFO b. Average cost ii. Calculate Topanga's gross profit ratio for the first quarter using FIFO and Average cost. iii. Comment on the relative effect of each of the inventory methods on the gross profit ratio.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