Purchase Solution

Complete materials issuances balances for wire cable FIFO

Not what you're looking for?

Ask Custom Question

Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of wire cable for June is as follows:

a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.

Received Issued Balance

Receiving Qnty Unit Mat. Quantity Amount Date Quantity Unit Amount
Report Price Req. price
Number #

June 1 350 $10.00 $3,500

26 250 $12.00 June 2 350 10.00 3,500

250 12.00 3,000

103 380 _____ June 6 ___ 12.00 _____

32 160 14.00 June 12 ___ 12.00 _____

160 14.00 2,240

111 240 _____ June 21 ___ 14.00 _____

Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.

b. Determine the balance of wire cable at the end of June.

Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.

c. Journalize the summary entry to transfer materials to work in process.

Purchase this Solution
Solution Summary

Your tutorial guides you through how to analyze this and gives you the journal entry needed for both requisitions. See excel attached.

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

View More Free Quizzes
Related BrainMass Solutions

  • Electrostatics: Charge density in a coaxial cable.

    224378 Electrostatics: Charge density in a coaxial cable. We have a long coaxial cable with an inner solid wire of radius a and outer metal shell of radius b. On the inner wire, the volume charge density is given by ks2 .

  • Costing: Work Progress at Concordia Corp.

    c) Compute the the equivalent units for materials using FIFO d) Compute the equivalent units for conversion costs using FIFO 2) A Plant uses the the weighted average method to account for its work-in-process inventories.

  • Source of Magnetic Fields

    For points inside the shell , r < R, the sum of the currents inside is just the current I in the inner wire.

  • Equivalent units using FIFO

    How much are the equivalent units for materials under the FIFO method? a)Schiller Company has unit costs of $5 for materials and $15 for conversion costs.

  • Equivalent units of Production - FIFO

    Ending inventory, 29,500 units (materials are 100 percent complete; conversion costs are 16 percent complete). Compute the equivalent units for materials using FIFO.

  • Process Costing: FIFO and Weighted Average Methods

    The ending inventory was 90% complete for materials and 40% complete for conversion costs.

  • FIFO Process Costing: Cost Conversions

    ** Please see the attached file for the complete solution response ** This solution shows how to use the fist in first out (FIFO) accounting method for the given inventory.

  • Equivalent Cost of Production Units - FIFO, Weighted Average

    What is the equivalent unit cost for materials assuming Kimbeth uses first-in, first-out (FIFO) process costing?? b).?

  • Materials Cost Accounting: Malbim Company

    On July 31, the remaining 3,000 units were 20% complete for conversion costs. Calculate the equivalent units for materials and conversion costs. Your tutorial is attached showing how you treat EU differently under weighted average and FIFO.

View More Related Solutions