Homework Answers
Answer:
1
|
RECEIVED |
ISSUED |
BALANCE |
|||||||
|
Receiving |
Materials |
||||||||
|
Report |
Unit |
Requisition |
Unit |
||||||
|
Number |
Quantity |
Price |
Number |
Quantity |
Amount |
Date |
Quantity |
Price |
Amount |
|
1-May |
350 |
$7.00 |
$2,450 |
||||||
|
25 |
240 |
$9.00 |
4-May |
350 |
$7.00 |
$2,450 |
|||
|
240 |
$9.00 |
$2,160 |
|||||||
|
107 |
400 |
2900 |
10-May |
190 |
$9.00 |
$1,710 |
|||
|
31 |
160 |
11 |
21-May |
190 |
$9.00 |
$1,710 |
|||
|
160 |
11 |
$1,760 |
|||||||
|
120 |
230 |
2150 |
27-May |
120 |
11 |
$1,320 |
|||
Working notes for the above answer is as under
_____________________________________________________________
B)
Determine the materials inventory balance at the end of May
Answer:$1,380
_________________________________________________________________
C)
Journalize the summary entry on May 31 to transfer materials to work in process
|
date |
DESCRIPTION |
Debit $ |
Crdit $ |
|
31-May |
Work in process inventory (2900+2150) |
5050 |
|
|
Raw material Inventory |
5050 |
__________________________________________________________________
D)
Comparing quantities on hand as reported in the materials ledger with predetermined order points enables management to order materials before a lack of materials causes idle time.
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