Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. Ending Inventory $ (1) FIFO $ (2) LIFO
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- The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32 MCQ 32. Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a.RO 765 b.RO 1,480 c.RO 1,285 d.RO 1,850The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,850 c. RO 1,285 d. RO 1,480QUESTIONS FOURThe following information was provided by Dzemkple Limited for the two weeks month ofAugust, 2018 for material ZorklaleyStock on 01/08/2018 100 units @ GHc 5 per unitDATE PURCHASES DATE ISSUES05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 unitsYou are required to calculate using FIFO and Weighted Average methods of pricing issues:(a) The value of materials consumed during the period(b) The value of stock of materials on the 31/08/2018
- The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 34 MCQ 34. Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a.220 units b.320 units c.280 units d.450 unitsThe following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQS Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. O a. 450 units O b. 280 units O c. 320 units O d. 220 unitsThe following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 33 MCQ 33. Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a.450 units b.280 units c.220 units d.320 units
- The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units 1- Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. 2- Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. 3- Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC.The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units 1- Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 2- Identify the total amount of balance on 12th March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 3- Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 450 units c. 320 units d. 280 unitsA record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Units Unit Selling Price May 1 – Balance 810 $4.00 May 3 300 $7.00 May 4 - Returned (190) $4.00 May 6 280 $7.00 May 8 800 $4.30 May 12 810 $7.50 May 14 725 $4.40 May 18 400 $7.50 May 22 1,200 $4.50 May 30 1,400 $8.00 May 27 450 $4.80 Required: Assuming that perpetual inventory records are kept, calculate the total cost of goods sold and the ending inventory using moving weighted average Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar. A worksheet template has been provided which you may use if you wish to answer this question
- The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs 1-Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 320 units b. 220 units c. 280 units d. 450 units 2-Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a. 280 units b. 320 units c. 450 units d. 220 units 3-Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 1,285 b. RO 1,480 c. RO 765 d. RO 1,850Green Tea’s data show the following information for the financial year, beginning July 2020: July Aug. Sept. Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit $31 $31 $31 $31 $31 Direct labour per unit $1.75 $1.75 $1.50 $1.50 $1.50 Labour rate per hour $21 $21 $24 $24 $24 New machinery will be added in September. This machine will reduce the labour required per unit and increase the labour rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month’s requirements. Direct material requires 2.5 kg per unit at a cost of $5 per kg. The ending inventory required for direct materials is 20% of the next month’s needs. In July, the beginning inventory is 3,750 units of finished goods and 13,125 kg of materials. Required: i) Prepare a production budget for the first quarter of the year (i.e. July – September).…The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 280 units c. 320 units d. 450 units