Homework Answers
$414500
Inventory required = Beginning inventory + Purchases -closing inventory
= $3000+$415000-$3500
= $414500
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Multiple Choice Question 44 As of December 31, 2017, Swifty Corporation had $3500 of raw materials...
Question 20 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Sheridan Company had $3500 of raw m...
Question 20 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Sheridan Company had $3500 of raw materials inventory. At the beginning of 2019, there was $3000 of materials on hand. During the year, the company purchased $315000 of materials; however, it paid for only $252500. How much inventory was requisitioned for use on jobs during 2019? $315500 O $302000 O $303000 $314500
QUESTION 20 As of December 31, 2017, Stand Still Industries had $2,500 of raw materials inventory....
QUESTION 20 As of December 31, 2017, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2017, there was $2,000 of materials on hand. During the year, the company purchased $375,000 of materials; however, it paid for only $312,500. How much inventory was requisitioned for use on jobs during 2017? $362,000 $374,500 $375,500 $363,000
As of December 31, 2012. Leaf Manufacturing had $2,000 of raw materials inventory. At the beginning...
As of December 31, 2012. Leaf Manufacturing had $2,000 of raw materials inventory. At the beginning of 2012, there was $1.600 of materials on hand. During the year, the company purchased $274.000 of materials; however it paid for only $264,000. How much inventory was requisitioned for use on jobs during 2012? a) $273.600 b) $264.400 OC) $274,400 d) $263.600
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the...
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the company purchased an additional $78.000 of raw materials. During November $95.000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3.000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Work in Process account as a consequence...
Question 33 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Nilsen Industries...
Question 33 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Nilsen Industries had $4000 of raw materials inventory. At the beginning of 2019, there was $3600 of materials on hand. During the year, the company purchased $354000 of materials; however it paid for only $304000. How much inventory was requisitioned for use on jobs during 2019? $353600 $334400 $354400 $333600 Save for Later Attempts: 0 of 1 used Submit Answer Send to Gradebook
The following information is available for Swifty Company. January 1, 2017 2017 December 31, 2017 Raw...
The following information is available for Swifty Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $24,010 $32,140 20,240 Work in process inventory 17,050 Finished goods inventory 30,430 25,020 Materials purchased $153,770 Direct labor 222,040 Manufacturing overhead 184,810 Sales revenue 905,270 Cost of Goods Manufactured Schedule
Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials...
Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $30,000 $79,500 $18,000 $39,000 $75,000 $17,193 During May, $63,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 390 hours of direct labor time had been expended on the...
Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials...
Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $29,500 $79,000 $17,500 May 30 $38,000 $ 74,000 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been...
Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the...
Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $92,000 of raw materials. The Journal entry to record the purchase of raw materials would include a: Multiple Choice 9.29 debit to Raw Materials of $135,000 debit to Row Materials of $92,000 credit to Raw Materials of $135,000 credit to Raw Materials of $92,000
12. Soledad Corporation had $22,600 of raw materials on hand on December 1. During the month,...
12. Soledad Corporation had $22,600 of raw materials on hand on December 1. During the month, the Corporation purchased an additional $82,200 of raw materials. The journal entry to record the purchase of raw materials would include a:
Question 20 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Sheridan Company had $3500 of raw materials inventory. At the beginning of 2019, there was $3000 of materials on hand. During the year, the company purchased $315000 of materials; however, it paid for only $252500. How much inventory was requisitioned for use on jobs during 2019? $315500 O $302000 O $303000 $314500
As of December 31, 2012. Leaf Manufacturing had $2,000 of raw materials inventory. At the beginning of 2012, there was $1.600 of materials on hand. During the year, the company purchased $274.000 of materials; however it paid for only $264,000. How much inventory was requisitioned for use on jobs during 2012? a) $273.600 b) $264.400 OC) $274,400 d) $263.600
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the company purchased an additional $78.000 of raw materials. During November $95.000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3.000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Work in Process account as a consequence...
Question 33 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Nilsen Industries had $4000 of raw materials inventory. At the beginning of 2019, there was $3600 of materials on hand. During the year, the company purchased $354000 of materials; however it paid for only $304000. How much inventory was requisitioned for use on jobs during 2019? $353600 $334400 $354400 $333600 Save for Later Attempts: 0 of 1 used Submit Answer Send to Gradebook
The following information is available for Swifty Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $24,010 $32,140 20,240 Work in process inventory 17,050 Finished goods inventory 30,430 25,020 Materials purchased $153,770 Direct labor 222,040 Manufacturing overhead 184,810 Sales revenue 905,270 Cost of Goods Manufactured Schedule
Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $30,000 $79,500 $18,000 $39,000 $75,000 $17,193 During May, $63,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 390 hours of direct labor time had been expended on the...
Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $29,500 $79,000 $17,500 May 30 $38,000 $ 74,000 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been...
Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $92,000 of raw materials. The Journal entry to record the purchase of raw materials would include a: Multiple Choice 9.29 debit to Raw Materials of $135,000 debit to Row Materials of $92,000 credit to Raw Materials of $135,000 credit to Raw Materials of $92,000
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