Record all transactions in appropriate T-accounts (costs by function, LIFO perpetual), close all accounts, and calculate the
Question:
Record all transactions in appropriate T-accounts (costs by function, LIFO perpetual), close all accounts, and calculate the ending balances.
Opening balances:
Material A: 100 units x 2,5 / unit = 250
50 units x 2,3 / unit = 115,00
Traded goods: 125 units x 3,1 / unit = 387,50
25 units x 3,3 / unit = 82,50
Trade payable: 835
a) The company purchased 50 units of Material A at a price of 2,7 / unit.
b) The company used in production 200 units of Material A.
c) The company sold 50 units of Traded goods at a price of 6 / unit with deferred payment and delivered the goods to the client.
d) The company received an invoice for energy used (in production); the value of 860.
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas