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9 2. Green Gems Investments is a manufacturing company. The following transactions of the company took...
1. The following transactions of Fernglen Limited, a manufacturer of children’s’ tables and chairs took place...
1. The following transactions of Fernglen Limited, a manufacturer of children’s’ tables and chairs took place during April 2017. MODULE MANAGEMENT ACCOUNTING TOTAL MARKS 60 MARKS APRIL 01 Stock on hand 600 units @ R220 per unit 03 Issued to production 350 units 08 Returned from production to stores 50 units 17 Purchased from supplier 2000 units @ R230 per unit 20 Issued to production 800 units 21 Returned to supplier (purchased on 17 April 2017) 200 units 30 Issued...
1. The following transactions of Fernglen Limited, a manufacturer of children’s’ tables and chair...
1. The following transactions of Fernglen Limited, a manufacturer of children’s’ tables and chairs took place during April 2017. MODULE MANAGEMENT ACCOUNTING TOTAL MARKS 60 MARKS APRIL 01 Stock on hand 600 units @ R220 per unit 03 Issued to production 350 units 08 Returned from production to stores 50 units 17 Purchased from supplier 2000 units @ R230 per unit 20 Issued to production 800 units 21 Returned to supplier (purchased on 17 April 2017) 200 units 30 Issued...
Bottles for Africa has been manufacturing plastic bottles for the last couple of years. The company...
Bottles for Africa has been manufacturing plastic bottles for the last couple of years. The company uses a process costing system under the weighted average method to calculate equivalent units and costs per unit. Materials are added at the beginning of the process whilst conversion costs are allocated evenly over the process. The following information is available for the past month: Work-in-progress opening balance (500 bottles 70% complete) R7,750 Direct materials R2,500 Conversion costs R5,250 Types of costs incurred: Direct...
Prabjot produces bread in their Company and below refers to the manufacturing activities for year ended...
Prabjot produces bread in their Company and below refers to the
manufacturing activities for year ended 2016. Show the statement of
cost of goods manufactured for 31st December 2016 (5 marks)
Particulars $ Opening work in progress (10,000 units) 16,000
Closing work in progress (12,000 units) 20,000 Opening stock of raw
materials 170,000 Closing stock of raw materials 190,000 Purchases
820,000
1. With the aid of diagrams, explain cost as variable, fixed, or mixed. (2 marks) 2 (a). With detail...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
The following inventory transactions apply to Green Company for Year 2: Jan. 1 Apr. i Aug....
The following inventory transactions apply to Green Company for Year 2: Jan. 1 Apr. i Aug. 1 Dec. 1 Purchased Sold Purchased Sold 260 units @ $ 11 130 units @ $ 20 360 units @ $ 12 450 units @ $ 21 The beginning inventory consisted of 175 units at $12 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption ar records. (If no...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5...
ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5 marks each ) Units Selling Price/ Date Unit Cost Jan. 1 unit Units Selling Price/ Date Unit Cost Opening Inventory 2,000 $0.50 5 Sale #1 1,200 5.00 6 Purchase #1 1,000 2.00 10 Purchase #2 500 1.00 16 Sale #2 2,000 6.00 21 Purchase #3 1,000 2.50 Assume all sales are made on account。 Required: 1. Assume ABBA uses the FIFO inventory cost flow assumption a. Record the...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Units Acquired at Cost 540 units @ $55,00 per unit 460 units @ $53 per unit 100 units @ $40 pe Mar. 13 Purchase unit Mar. 15 Sales 745 units @ $80 per unit 170 units @ $ 61 per unit Aug. 21 Purchase Sept. 5 Purchase Sept. 10...
Prabjot produces bread in their Company and below refers to the
manufacturing activities for year ended 2016. Show the statement of
cost of goods manufactured for 31st December 2016 (5 marks)
Particulars $ Opening work in progress (10,000 units) 16,000
Closing work in progress (12,000 units) 20,000 Opening stock of raw
materials 170,000 Closing stock of raw materials 190,000 Purchases
820,000
1. With the aid of diagrams, explain cost as variable, fixed, or mixed. (2 marks) 2 (a). With detail...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
The following inventory transactions apply to Green Company for Year 2: Jan. 1 Apr. i Aug. 1 Dec. 1 Purchased Sold Purchased Sold 260 units @ $ 11 130 units @ $ 20 360 units @ $ 12 450 units @ $ 21 The beginning inventory consisted of 175 units at $12 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption ar records. (If no...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Units Acquired at Cost 540 units @ $55,00 per unit 460 units @ $53 per unit 100 units @ $40 pe Mar. 13 Purchase unit Mar. 15 Sales 745 units @ $80 per unit 170 units @ $ 61 per unit Aug. 21 Purchase Sept. 5 Purchase Sept. 10...
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