Complete a stores ledger card the on order columns should

Reference no: EM13602634

the purchase and issues of rubber gaskets (store ledger #11216) as shown in the records of Lowe Corporation for the month of November follow:
Nov. 1 Beginning balance units: 30,000 Unit price: $3.00
Nov. 4 Received Rec. Report No. 112 10,000 3.10
Nov. 5 Issued, Mat. Req. No. 49 30,000
Nov. 8 received, Rec. Report No.113 50,000 3.30
Nov. 15 Issued, Mat. Req. No. 50 20,000
Nov. 22 Received, Rec. report No. 114 25,000 3.50
Nov. 28 Issued, Mat. Req. No. 51 30,000

1) Complete a stores ledger card ( the "on order" columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system:
a) FIFO
b) LIFO
c) moving average (carrying unit prices to five decimal places)

2) for each method, prepare a schedule that shows the total cost of materials transferred to Work in Progress and the cost of the ending inventory

3) If prices continue to increase, would you favor Fifo or LIFO? explain.

4) When prices continue to rise, what is the effect of FIFO vs. LIFO on the inventory balance reported in the balance sheet? Discuss

Reference no: EM13602634

Questions Cloud

Oakley company does not ring up sales taxes separately on : oakley company does not ring up sales taxes separately on the cash register. total receipts for february amounted to

At december 31 2011 the end of the first year of operations : at december 31 2011 the end of the first year of operations at star inc. the firms accountant neglected to accrue

Tea and sugar substitute cost 350 and 040 per pound : so sweet has budgeted sales of 600000 cans of diet iced tea mix during june 2010 and 750000 cans during july.

John wayne company is a major employer in the town in which : john wayne company is a major employer in the town in which you live. you have always had a high opinion of the

Complete a stores ledger card the on order columns should : the purchase and issues of rubber gaskets store ledger 11216 as shown in the records of lowe corporation for the month

Dolphin company predicts that it will use 25000 units of : dolphin company predicts that it will use 25000 units of material during the year. the expected daily usage is 200

Management of abc company is considering new production : management of abc company is considering new production robotics to replace some current manual labor operations for

Calculate the average price at which the shares were : the balance sheet caption for common stock is common stock no par value 7000000 shares authorized 4600000 shares issues

Calculate activity rates for each activity cost pool using : pressler corporations activity-based costing system has three activity cost pools-machining setting up and other. the

User Account

All Pages