Aberdeen Ltd holds stocks of Material X that it uses in production. Over the last month...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Aberdeen Ltd holds stocks of Material X that it uses in production. Over the last month receipts and issues were as follows: Opening Balance 5 May 12 May 22 May 29 May Receipts 200 at $5 300 at $4.50 100 at $6 400 at $5.50 200 at $7 Issues 7 May 400 100 445 23 May 400 $55 30 May 200 x$7 = 1400 5. If a FIFO stock valuation method were used, the value of stocks at the month end would be. $100 c 6. If a LIFO stock valuation method were used, the cost of material X issued to production in the month would be 121109 x 45 Aberdeen Ltd holds stocks of Material X that it uses in production. Over the last month receipts and issues were as follows: Opening Balance 5 May 12 May 22 May 29 May Receipts 200 at $5 300 at $4.50 100 at $6 400 at $5.50 200 at $7 Issues 7 May 400 100 445 23 May 400 $55 30 May 200 x$7 = 1400 5. If a FIFO stock valuation method were used, the value of stocks at the month end would be. $100 c 6. If a LIFO stock valuation method were used, the cost of material X issued to production in the month would be 121109 x 45
Expert Answer:
Answer rating: 100% (QA)
It seems you are looking for the value of stock at the end of the month using the FIFO First In First Out stock valuation method and the cost of mater... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
Students also viewed these accounting questions
-
COMPUTE THE MISSING ITEMS Refer to the image below (All data and questions are there, the questions are the missing numbers below and supposed to be answered) It is 1-22 THIKTHAK Corporation has the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Liquid Chemical Company manufactures and sells a range of high-grade products. Many of these products require careful packaging. The company has a special patented lining made that it uses in...
-
The Hartley Hotel Corporation is planning a major expansion. Hartley is financed 100 percent with equity and intends to maintain this capital structure after the expansion. Hartleys beta is 0.9. The...
-
Find an online Basic Metabolic Rate calculator and use it to determine your BMR.
-
Rosario Company, which is located in Buenos Aires, Argentina, manufactures a component used in farm machinery. The firms fixed costs arc 4,000,000p per year. The variable cost of each component is...
-
The following question concerns auditor's reports other than unqualified reports. Choose the best response. a.If an auditor issues an adverse auditor's report when there is a very material...
-
Rodgers Corporation produces and sells football equipment. On July 1, 2014, Rodgers Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash...
-
Please answer this question as possible Frieden Company's contribution format income statement for last month is shown below: Competition is intense, and Frieden Company's profits vary considerably...
-
Enhance the Treasury Yield Rates database file to perform a database query that finds the rate associated with any date and term.
-
Find the average of eat set of numbers. Show work. 0.2, 0.4, 0.33, 0.45, 0.2, 0.1, 0.1, 0.1, 0.2, 0.4
-
1. A man, denoted as A and having a mass m, is connected to a block, denoted as B, with a mass of m/2. They are linked by a string passing over a pulley, as illustrated in the figure on the right....
-
How can businesses effectively manage risk in their operations and mitigate potential threats to their success?
-
What are the key considerations for businesses when developing a digital marketing strategy?
-
What strategies can businesses employ to attract and retain top talent in competitive industries?
-
How can businesses effectively manage customer expectations and deliver exceptional customer experiences?
-
People often say they value privacy but act as if they don t ( e . g . , continue to share personal data with social media companies ) . Give one possible explanation for this intention - behaviour...
-
What will be the final value of DI after executing the following piece of code? Execute the instructions dependently one after another. CLD MOU CX,OFOH MOU AX.02874H MOU DI,01000H MOU ES, DI SUB...
-
Fixed costs are often defined as fixed over the short run. Does this mean that they are not fixed over the long run? Why or why not? Discuss.
-
Refer to the facts in Problem 8-39. a. Prepare a production cost report using FIFO. b. Answer requirement (b) in Problem 8-39.
-
Refer to the data in Exercise 6-31. The president of Tiger Furnishings is confused about the differences in costs that result from using direct labor costs and machine-hours. Required a. Explain why...
-
Rewrite the solution to Problem 3 and identify the initial value Green's functions. Data from Problem 3 Find product solutions, \(u(x, t)=b(t) \phi(x)\), to the wave equation satisfying the boundary...
-
Established less than 50 years ago, Honda Motor Co. Ltd. of Japan is a leading international manufacturer of automobiles and the largest manufacturer of motorcycles in the world. As a Japanese...
-
Rewrite the solution to Problem 2 and identify the initial value Green's function. Data from Problem 2 Find product solutions, \(u(x, t)=b(t) \phi(x)\), to the heat equation satisfying the boundary...
Study smarter with the SolutionInn App