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. Loyalty is a highly desirable ethical value, and disloyalty is a serious unethical and often illegal activity. Explain how and to whom Grossmith, Horcsok, and Webb were disloyal. 2. Although...
-
If \(X_{1}\) has mean -5 and variance 3 while \(X_{2}\) has mean 1 and variance 4 , and the two are independent, find (a) \(E\left(3 X_{1}+5 X_{2}+2 ight)\); (b) \(\operatorname{Var}\left(3 X_{1}+5...
-
In Example 8.4, choose methane and hydrogen as independent components. Derive relationships for the remaining components in terms of methane and hydrogen. Data From Example 8.4:- Construct the...
-
Rosa Recycling recycles newsprint, cardboard, and so forth, into recycled packaging materials. For the coming year, Rosa estimates total manufacturing overhead to be $ 369,260. The companys managers...
-
Mike's total RRSP contribution room for the current year is $8,000, while his wife Maria's room is $2,000. Mike has decided to contribute $5,000 to his own RRSP and $3,000 to a spousal RRSP for...
-
Congratulations! You've just been hired by a company as their new Quality Manager. They are a large manufacturer of parts for the aerospace industry. The boss sits you down on the first day and...
-
Twelve months ago, your company invested $220,000 in a specialized software system for date processing. A new and advanced software solution is not available for purchase at $300,000. The new...
-
A water tank is filled to its \(50 \times 10^{3}\)-L capacity. (a) What is the tank's volume in cubic millimeters? (b) What is the mass of the water in milligrams? (c) If you drank eight...
-
Both mass and volume can be used to describe the amount of matter present in an object. What physical quantity relates these two concepts?
-
A test question gives the mass density of seawater and asks what volume is occupied by \(1.0 \times 10^{3} \mathrm{~kg}\) of seawater. Someone answers \(0.9843 \mathrm{~m}\). Without knowing the mass...
-
Two coins together have a value of 30 cents but one of them is not a nickel. If the checkpoint said instead that "neither coin is worth 5 cents," what hidden assumptions might prevent you from...
-
An Olympic running track consists of two straight sections, each \(84.39 \mathrm{~m}\) long, and two semicircular ends, each with a radius of \(36.80 \mathrm{~m}\) as measured from the inside lane...
-
Which situation would require the use of a trademark? A software manufacturer has invented a business software program utilizing artificial intelligence. A clothing manufacturer wants to...
-
On January 1, 2018, Khalid Ltd., which follows IAS 17, entered into an eight-year lease agreement for three dryers. Annual lease payments for the equipment are $28,500 at the beginning of each lease...
-
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...
-
Explain the difference between isotropic total cross-section and the transport crosssection as in Eq. (5.49). Why transport cross-section is not used in the transport theory? Data From Equation...
-
Following up on question number 3, assume the school conducts a manifestation determination meeting. Tim attends the meeting with his parents. At the meeting, Tim tells the team that smoking helps...
-
Which of the following is not a characteristic of a defined benefit plan? A. A guaranteed retirement benefit. B. Risk of preretirement inflation assumed by employer. C. Benefits based upon the...
Study smarter with the SolutionInn App