Question: Using last in, first out perpetual inventory costing compute the cost of materials used of July 31 inventory: 3. Issued 250 yd. 5 Received 500

Using last in, first out perpetual inventory costing compute the cost of materials used of July 31 inventory:

3. Issued 250 yd.

5 Received 500 yd @ $4.50 each

6 Issued 150 yd. 10 Issued 110 yd.

11 Factory returned 10 yd, which were issued on the 10th, to the storeroom.

15 Received 500 yd @ $5.00 each

20 Returned 300 yd to the vendor from July 15 purchase

26 Issued 600 yd

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Exercise 2-10 Comparison of FIFO, LIFO, and Weighted Average Methods Use the following information. July 1 3 5 6 10 11 Balance on hand, 1,000 yd of linen @ $4.00 each. Issued 250 yd. Received 500 yd...

Q:

I have attached the forms I have to use. For E-2 FIFO costing, using first in, first out; perpetual inventory costing; and the following information, determine the cost of materials used and the cost...

Q:

Instructions: You are the controller at Star Wars, Inc., a wholesale distributor of light sabers and other interstellar weaponry. The corporation was founded in galaxy far, far away a long time ago....

Q:

You are the controller at Star Wars, Inc., a wholesale distributor of lightsabers and other interstellar weaponry. The corporation was founded in a galaxy far, far away a long time ago. The company...

Q:

You are the controller at Star Wars, Inc., a wholesale distributor of lightsabers and other interstellar weaponry. The corporation was founded in a galaxy far, far away a long time ago. The company...

Q:

You are the controller at Star Wars, Inc., a wholesale distributor of lightsabers and other interstellar weaponry. The corporation was founded in a galaxy far, far away a long time ago. The company...

Q:

iCMA 43 1. Identify from the list below the correct definition of manufacturing cost. Select one: Direct materials + Direct expenses + Direct labour expenses The cost of finished goods produced +...

Q:

iCMA 43 1. Identify from the list below the correct definition of manufacturing cost. Select one: Direct materials + Direct expenses + Direct labour expenses The cost of finished goods produced +...

Q:

Question 11 pts Stanley Manufacturing Company has the following information related to its Inventory accounts. Beginning Year Balance Ending Year Balance Raw Materials $9,000 $7,000 Work in Process...

Q:

E2-8 LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory. Information on...

Q:

Recommend ways to use social media in stakeholder management. This can include social media features in software such as chatter in Sales force or the ability to +1 in Google groups when used as...

Q:

Jocame Inc. began business on January 2, 2013. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the...

Q:

Because of the CARD Act, credit card companies must: Group of answer choices compute the finance charge based on a double - cycle basis. put all of a customer s payment towards the highest APR...

Q:

EDF s sourcing dilemma between maltinational companies and SMEs ( local business ) for site operation services. How is the organisation trying to meet its strategic objectives and to compete

Q:

Discuss the significance of process issues such as communication in compensation management. page 499

Q:

List the main decision areas and concepts in employee compensation management. page 480

Q:

Describe the major administrative tools used to manage employee compensation. page 484