Silang Manufacturing Inc. has the following information regarding materiais transactions for the month of October: October 1 Beginning balance Purchased 200 units C@ @ @ P16 October 5 500 units 17 October 9 Purchased 500 units 18 October 16 Issued 900 units October 17 Returned from factory 25 units (issued on Oct 16) October 24 Purchased 900 units @ 19 25 units Returned to supplier (from purchased on Oct 9) October 24 October 27 Issued 800 units Kequired: Prepare journal entries of the above materials transactions applying normal cost system (FIFO- Perpetual).
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- 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 4The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the FIFO costing method?a. P2,519.00b. P2,421.00c. P2,500.00d. P2,400.00The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the moving average costing method?a. P2,499.59b. P2,450.59c. P2,459.60d. P2,949.60
- Azzarelli, Corp makes picture frames and reports the following for the month of May: Description Amount Purchases of materials on account 53,330 Subcategory,Materials requisitions: Direct Materials 49,730 Indirect Materials 1,280 Subcategory,Labor costs incurred (not yet paid): Direct Materials 24,520 Indirect Materials 1,920 Journalize the entries at the end of the month to record the transactions relating to materials and labor.Journal Date Description Debit Credit May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31The 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…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 Amount
- Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Receiving Report Quantity Number 23 29 Feedback 220 150 Unit Price $10 12 Materials Requisition Quantity Number 103 116 360 210 Amount b. Determine the materials inventory balance at the end of May. 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 220 Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 Amount $2,560 2,560✔ 2,200✔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) 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 Returned to storeroom (from those issued on Sept 18) Issued to production Received from supplier 300 12 3. 200 13 9. 150 16 300 14 18 350 21 300 15 22 30 23 400 24 20 26 50 28 200 16 Requirement 1. Determine the value of ending inventory and materials used under First In First Out (FIFO Method) 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 costIf GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July 31 RIP inventory account and the amount of raw materials used backflushed from RIP inventory account on July 31 is P202,500, what is the amount of raw materials purchased on credit for the month of July? a. P205,000 b. P200,000 c. P225,000 d. P190,000
- 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 costIf 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 Group of answer choices 1 2 3 4The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing