Flow of manufacturing costs. Toyota Corporation, a Japanese automobile manufacturer, follows U.S. GAAP and reports its results
Question:
Flow of manufacturing costs. Toyota Corporation, a Japanese automobile manufacturer, follows U.S. GAAP and reports its results in millions of yen (Ұ). On March 31, 2008 and 2007, Toyota reported the following information pertaining to its inventories:
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Toyota reported Cost of Products Sold for the year ended March 31, 2008, of Ұ 20,452,338. Toyota reported no write-downs of inventory to lower of cost or market during either fiscal year.
a. What is the carrying value of Toyota's total inventory, as of March 31, 2008?
b. What was the cost of units completed by Toyota during 2007?
c. Suppose that Toyota's direct labor and overhead were Ò° 12,000,000 million for the year ended March 31, 2008. How much in raw materials and supplies costs did Toyota charge to Work in Process during the year ended March 31, 2008? What journal entry did it make to record this charge?
d. What was the cost of Toyota's raw material and supplies purchased for the year ended March 31, 2008? Assuming all purchases were made on credit, what journal entry did Toyota make to record thosepurchases?
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Step by Step Answer:
a Ending Balance of Total Inventory Ending Balance of Raw Materials Inventory Ending Balance of Work...View the full answer
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
