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Inventory Valuations _ Five questions




Question;Read Chapter 8 ? Accounting for Inventory;Use;the following information for Questions 8.1 & 8.2;Premium Products purchases inventory during;the month of April as follows;On;25th April, 3,000 units are sold.;8.1 Using the information provided above;calculate the cost of sales and inventory value using the weighted average;method.;8.2 Using the information provided above;calculate the cost of sales and inventory value using the FIFO method.;8.3 The Big Table Co. Produced a batch of 20;tables during June on Job 2487. The following materials were issued to Job;2487;20 hours of labour;were charged to the job. The labour cost is ?20 per hour. Overhead is charged;to jobs on the basis of ?20 per labour hour.;After Job 2487 was;completed and placed into finished goods inventory, 15 tables were sold at a;unit price of ?450.;Calculate;?;The total job cost and the cost per table;?;The cost of sales;?;The value of inventory;?;The gross profit for the tables that were sold;8.4 The Massive Mining Co refines iron ore for;export markets. The following data relates to the company?s mine for the month;of April;25,000 units of work in process existed at 1st April, the;costs for which were;Direct materials;?18,500;Conversion;?36,750;35,000 units commenced production during April. The costs incurred;during the month for refining were;Direct material;?300,000;Conversion;?230,000;The closing work in progress at 30th April was 15000 units.;Materials were added at the beginning of the refining process and conversion;was 1/3rd complete at month end.;Calculate the cost per equivalent unit;for the month of April using the weighted average method of process;costing.;Calculate the value of work in progress and;the value of completed stock transferred to finished goods during the;month;8.5 The Gargantuan Company has the following;transactions during December. Prepare a combined cost of goods sold and Income;Statement showing all these transactions and identify the value of inventory to;be included in the Balance Sheet at the end of December.;Inventory 1;December;120,000;Rental;30,000;Salaries;Wages;45,000;Sales;435,000;Depreciation;12,000;Inventory 31;December;150,000;Marketing expenses;15,000;Gross profit;165,000


Paper#37382 | Written in 18-Jul-2015

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