4. The materials account of the Flynn Company reflected the following changes during May: Balance, May...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
4. The materials account of the Flynn Company reflected the following changes during May: Balance, May 1 500 units Received, May 5 $10 300 units @ $12 Issued, May 10 400 units Received, May 15200 units @ $15 Issued, May 25 300 units Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods: (a) First in, first out (FIFO) (b) Last in, first out (LIFO) (c) Moving average 5. The following accounts are maintained by the Sprague Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November 1. A summary of material transactions for November shows: (1) Materials purchased on account, $62,000 (2) Direct materials issued, $58,500 (3) Direct materials returned to storeroom, $1,200 (4) Indirect materials issued, $3,600 (5) Indirect materials returned to storeroom, $550 (6) Materials on hand were $200 less than the stores ledger balance a. Prepare journal entries to record the materials transactions. b. Post the journal entries to T-accounts. c. What is the balance of the materials account on November 30? 4. The materials account of the Flynn Company reflected the following changes during May: Balance, May 1 500 units Received, May 5 $10 300 units @ $12 Issued, May 10 400 units Received, May 15200 units @ $15 Issued, May 25 300 units Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods: (a) First in, first out (FIFO) (b) Last in, first out (LIFO) (c) Moving average 5. The following accounts are maintained by the Sprague Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November 1. A summary of material transactions for November shows: (1) Materials purchased on account, $62,000 (2) Direct materials issued, $58,500 (3) Direct materials returned to storeroom, $1,200 (4) Indirect materials issued, $3,600 (5) Indirect materials returned to storeroom, $550 (6) Materials on hand were $200 less than the stores ledger balance a. Prepare journal entries to record the materials transactions. b. Post the journal entries to T-accounts. c. What is the balance of the materials account on November 30?
Expert Answer:
Answer rating: 100% (QA)
3 Question 4 4 5 Inventory under Perpetual system using FIFO ... View the full answer
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Posted Date:
Students also viewed these accounting questions
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The electric fields at point P due to the positive charges q 1 and q 2 are shown in Fig. Q21.22. Does the fact that they cross each other violate the statement in Section 21.6 that electric field...
-
1. Find the index of refraction of a medium for which the angle of incidence of a light beam is 31.5 and angle of refraction is 25.6. 2. If the index of refraction of a medium is 2.40 and the angle...
-
Your client, Ridgewood Heating and Cooling, specializes in residential air conditioning and heating installations. The company maintains an inventory of air conditioning units, furnaces, and air...
-
Check the solution to Example 14-1 with a McCabe-Thiele calculation. Example 1 In production of sodium hydroxide by the lime soda process, a slurry of calcium carbonate particles in a dilute sodium...
-
a. Assume that Carolyn places currently available funds in the savings account. Determine the amount of money Carolyn will have available at retirement once she sells her house if she retires at (1)...
-
questions/5500541 Yes No Indicate by check mark whether the Registrant is a large accelerated filer See the definitions of large accelerated fier" "accelerated fler smaller reporting company," and...
-
PROBLEM 2.60 Two cables tied together at C are loaded as shown. Determine the range of values of P for which both cables remain taut. 300 W 120 lb
-
St. Elsewhere Hospital is proposing to do a capital project involving the purchase of lab equipment. The new equipment cost is $12,000. The old equipment purchased 5 years ago cost $6,000. The...
-
Mr. Chandler, the production supervisor, bursts into your office, carrying the company's prior year performance report and thundering, "There is villainy here, sir! And I shall get to the bottom of...
-
Describe 3 chart types you could use to analyse budget data, including variance. List the 3 types of charts you will create for the Business Budget. Add to this Business Budget spreadsheet by...
-
Perform the following arithmetic operations in their given bases. Explain or show the carries or borrows used whenever necessary. Also specify if you are switching the operands whenever necessary....
-
Assume a Centaur V upper stage with an empty mass of 2,247 kg, diameter of 3.05 meters and height of 12.68m, the wall thickness is 41mm, whereas the motor can be assumed to fill up 1/4 of the inner...
-
Jabari Manufacturing, a widgets manufacturing company, divides its production operations into three processes-Department 1, Department 2, and Department 3. The company uses a process costing system....
-
Find the slope of the curve at the given point y2-2x3 = 9; (2,-5)
-
(a) As Section 17.3 discusses, high-frequency sound waves exhibit less diffraction than low-frequency sound waves do. However, even high-frequency sound waves exhibit much more diffraction under...
-
Assume that the Town of Boonsville maintains an Agency Fund for its employees insurance with-holdings, another for its employees income tax withholdings, and a third for its employees pension...
-
What is the difference between an Enterprise Fund and an Internal Service Fund?
-
Cort Hospital was established as a not- for- profit organization on January 1, 2013, to take over the assets of an existing hospital. The hospital does not use fund accounting. It had the following...
-
Construct your key relations chart for this chapter.
-
a. The Bolles and Fair (1982) correlation indicates that \(\mathrm{H}_{\mathrm{G}}\) is more dependent on liquid flux than on gas flux. Explain this on the basis of a simple physical model. b. Why do...
-
The following statement occurs after Eq. (16-50): "The variation in \(\mathrm{H}_{\mathrm{G}}\) over the column section is usually less than \(10 \%\). ." Explain why this statement is true. h=-...
Study smarter with the SolutionInn App