4.1 REQUIRED Complete the table below for the transactions provided using the following methods of inventory...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
4.1 REQUIRED Complete the table below for the transactions provided using the following methods of inventory valuation: 4.1.1 Weighted average cost 4.1.2 FIFO Purchases Issues/Returns to supplier Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount (7 marks) (6 marks) INFORMATION The following information was extracted from the records of Planet Limited, a manufacturing company, for an inventory item called Fitness Plus used in Project A for March 2021: March Transaction details 01 07 09 10 16 22 30 Opening inventory: 6 000 units @ R40 each. Invoice received for 144 000 units @ R44 each. Transferred 105 000 units to the production department. Returned 15 000 damaged units (purchased 07 March) to the supplier. Invoice received for 30 000 units at R48 each. Transferred 45 000 units to production. Invoice received for 15 000 units @ R52 each. 4.2 Popi Limited uses the standard costing system. The standards for Product A are as follows: Material 8 kilograms at R5.30 per kilogram Labour 8 hours at R100 per hour Variable overheads R40 per labour hour Fixed overheads R50 000 Normal production Actual information for the month May 2021 is: Material Labour Variable overheads Fixed overheads Production 29 000 units per month 182 000 kilograms at R6.20 per kilogram 198 000 hours at R73 per hour R35 per labour hour R31 200 25 000 units Required 4.2.1 Calculate the material quantity variance. 4.2.2 Calculate the variable manufacturing overhead efficiency variance. 4.2.3 Fixed manufacturing overhead volume variance. (2 marks) (2 marks) (3 marks) 4.1 REQUIRED Complete the table below for the transactions provided using the following methods of inventory valuation: 4.1.1 Weighted average cost 4.1.2 FIFO Purchases Issues/Returns to supplier Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount (7 marks) (6 marks) INFORMATION The following information was extracted from the records of Planet Limited, a manufacturing company, for an inventory item called Fitness Plus used in Project A for March 2021: March Transaction details 01 07 09 10 16 22 30 Opening inventory: 6 000 units @ R40 each. Invoice received for 144 000 units @ R44 each. Transferred 105 000 units to the production department. Returned 15 000 damaged units (purchased 07 March) to the supplier. Invoice received for 30 000 units at R48 each. Transferred 45 000 units to production. Invoice received for 15 000 units @ R52 each. 4.2 Popi Limited uses the standard costing system. The standards for Product A are as follows: Material 8 kilograms at R5.30 per kilogram Labour 8 hours at R100 per hour Variable overheads R40 per labour hour Fixed overheads R50 000 Normal production Actual information for the month May 2021 is: Material Labour Variable overheads Fixed overheads Production 29 000 units per month 182 000 kilograms at R6.20 per kilogram 198 000 hours at R73 per hour R35 per labour hour R31 200 25 000 units Required 4.2.1 Calculate the material quantity variance. 4.2.2 Calculate the variable manufacturing overhead efficiency variance. 4.2.3 Fixed manufacturing overhead volume variance. (2 marks) (2 marks) (3 marks)
Expert Answer:
Answer rating: 100% (QA)
Q 41 1 Inventory Valuation As Per Wieghted Average Method Purchase IssuesReturn to Supplier Balance ... View the full answer
Related Book For
Social Statistics for a Diverse Society
ISBN: 978-1483333540
7th edition
Authors: Chava Frankfort-Nachmias, Anna Leon-Guerrero
Posted Date:
Students also viewed these accounting questions
-
A company can decide how many additional labor hours to acquire for a given week. Subcontractor workers will only work a maximum of 20 hours a week. The company must produce at least 200 units of...
-
What is the coefficient of O2 ? 5 O 10 11 O 4 FeS2 + 02 --> - Fe2O3 + SO2 -
-
A German worker takes 400 hours to produce a car and 2 hours to produce a case of wine. A French worker takes 600 hours to produce a car and X hours to produce a case of wine. a. For what values of X...
-
Contact local employers and ask for copies of their employee handbooks. If none are available, research parent companies of local employers online to see if their employee handbooks are available....
-
Let X1, . . ., Xn be a random sample from the shifted exponential distribution With Obtain the MLEs of and . f(x) 0, otherwise
-
Cavendish is said to have "weighed Earth" because his determination of \(G\) provided the first value for the planet's mass \(m_{\mathrm{E}}\). Given that the radius of Earth is about \(6400...
-
How can computers be used to assist in the litigation process?
-
What is an RFP, and what critical tasks does it facilitate in the purchasing process?
-
Replace the loading on the beam by an equivalent resultant force. (Figure 1) Suppose that w1= 4.5 kN/mk, w2 = 0.9 kN/mk, and F= 2.7 kN. Determine the magnitude of the equivalent resultant force....
-
Lockhart&Stark, a VC firm, has invested $ 3 million for 30% of the company, Banana. Palm, a leader in the same industry with Banana, is considering to acquire Banana. Answer the questions in the...
-
Explain each of the following in terms of Newton's 3rd Law. a) A squid moves through the water by taking in water and expelling it. b) Walking on a wagon is dangerous c) A helicopter can hover above...
-
Why do you think U.S. firms commonly use joint ventures as a strategy to enter China? What are some risks of international business that may not exist for the local business? Capital Budgeting With...
-
As an educator you will be part of the whole service team, the educator team and a room team. Think about responsibilities as a member of the whole team. Provide one example of key...
-
What are the Successes associated with life cycle costing management? What are the Shortcomings of life cycle costing management? What is the Managers role in life cycle costing management? What are...
-
Develop a pivot table showing opioid precribing practices in primary care in Indianapolis. Identify disparity in opioid prescribing. Please provide instructions on how to develop the pivot table and...
-
The following costs exist for the Wiring Division of Coriander Corporation: Direct materials $ 6 7 , 5 0 0 Direct labor 4 5 , 0 0 0 Manufacturing overhead ( 2 5 % variable ) 4 5 , 0 0 0 Operating...
-
Summarize conflict theory. Interpret the research article findings about communication using conflict theory. In other words, how might a client's desire be understood within the context of conflict...
-
Digital Fruit is financed solely by common stock and has outstanding 25 million shares with a market price of $10 a share. It now announces that it intends to issue $160 million of debt and to use...
-
An upper-level sociology class at a large urban university has 120 students, including 34 seniors, 57 juniors, 22 sophomores, and 7 freshmen. a. Imagine that you choose one random student from the...
-
In 2011, the U.S. Census published a report saying that the number of Americans living below the federal poverty line was at an all-time high. We want to know if the percentage of residents in each...
-
Investigate the relationship between the abortion attitudes in GSS 2010 (e.g., ABANY) and various demographic variables (you might begin with gender, age, or race). Examine the relationship of these...
-
Describe how to determine the \(x\) component of the position of an object at a specific instant, given (a) a graph of position \(x\) as a function of time \(t\) and (b) an equation for \(x(t)\).
-
In an \(x(t)\) curve, what is the significance of a steep slope as opposed to a gentle slope? What is the significance of a curve that slopes downward as you move from left to right along the time...
-
The \(x\) component of a car's velocity increases from 0 to \(+5.0 \mathrm{~m} / \mathrm{s}\) in \(1.0 \mathrm{~s}\), and then from \(+5.0 \mathrm{~m} / \mathrm{s}\) to \(+10 \mathrm{~m} /...
Study smarter with the SolutionInn App