User Account

All Pages

Determine the cost of materials used

Assignment Help Financial Accounting
Reference no: EM13508176

FIFO Costing
Using FIFO, perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory:
July 1. Balance on hand, 1,000 yd of linen @$4.00 each.
July 3. Issued 250 yd.
July 5. Received 500 yd. @ $4.50 each.
July 6. Issued 150 yd.
July 10. Issued 110 yd.
July 11. Factory returned 10 yd, which were issued on the 10th, to the storeroom.
July 15. Received 500 yd. @ $5.00 each.
July 20. Returned 300 yd to the vendor from the July 15 purchase.
July 26. Issued 600 yd.

Reference no: EM13508176

Questions Cloud

Explain why is the force in each problem not doing work : When is there no work on an object. For example, a weightlifter picks up a weight, or a kid wearing skates pushes of a wall and moves in the opposite direction. Why is the force in each problem not doing work
Determine the angular speed of the bar : A small 11.0 g- bug stands at one end of a thin uniform bar that is initially at rest on a smooth horizontal table. What is the angular speed of the bar just after the frisky insect leaps
Explain how the appropriate method would be determined : Describe two alternative methods for assigning the overtime premium cost to Jobs 401 and 402 and explain how the appropriate method would be determined.
Support social arrangements including stratification : In the united states, wealth is distributed more equally than income. as surprising as it may seem, in the united states poor people typically have better health than rich people. The concept ideology refers to ideas that support social arrangements ..
Determine the cost of materials used : Using FIFO, perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory.
Determine the missing amounts : Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.
Calculate the minimum height above the bottom of the loop : The Flip-Flap Railway in Coney Island, one of the first loop-the-loop roller coasters, had a loop of diameter 7.62 meters. Calculate the minimum height above the bottom of the loop required to achieve enough speed
Several different types of racism : There are several different types of racism. One type of racism is front-stage racism which is also known as public racism (name-calling, scapegoating, violence, etc). In our society, front-stage racism is no longer acceptable behavior. But back-s..
Prepare the operating activities section of the statement : Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).

Reviews

Write a Review

Financial Accounting Questions & Answers

  What sources are available to the auditors

Considering SAS 109 what kind of information should auditor have gathered during the preliminary stage of this audit in order to answer clins questions about the internal control? What sources are available to the auditors to help understand the ..

  Multiple choice questions related to basic1which of the

multiple choice questions related to basic1.which of the following is true about the good faith requirement for

  How much interest will be paid annually on these bonds

Ariel, Inc., issued $30 million face amount of 9% bonds when market interest rates were 9.30% for bonds of similar risk and other characteristics. How much interest will be paid annually on these bonds?

  Illustrate what is the amount of net income or net loss

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $25,250 and $21,825, respectively. Illustrate what is the amount of net income or net loss for the..

  Manual practice set refer to the feedback sheet attached to

refer to the feedback sheet attached to see where marks could be lost. you are not required to complete the

  What is balance in the investment account on december

Any excess of cost over book value was assigned to goodwill. During 2011, Sleat paid dividends of $24,000 and reported a net loss of $140,000. What is balance in the investment account on December 31, 2011?

  Compute the net realizable value at the end of 2011

Compute the net realizable value at the end of 20X1 and 20X2 as a percentage of respective year-end receivables balances. Analyze your findings and comment on the president s decision to close the credit evaluation department.

  Calculate budgeted direct materials purchases for the third

he company’s policy is to begin each quarter with an inventory of direct materials equal to 30 percent of that quarter’s direct material requirements. Calculate budgeted direct materials purchases for the third quarter.

  Community bank traded office fixtures here are the facts

community bank traded office fixtures. here are the facts old fixtures cost 96000 and have an accumulated depreciation

  Calculate the excess reserves

Show how the direct deposit of $1,500 (drawn on her employer's bank) into Rosa's checking account affects the bank balance sheet.

  Journal entries for collected the correct balance

journal entries for collected the correct balance due.1.2232009 collected the correct balance due from the transaction

  Make interim financial statements for the first quarter

Calculation of ending inventory for interim financial statements - Ernst Equipment Co. wants to make interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernst's gross profit rate ave..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd