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- Th e carrying value of inventories refl ects: B . their current value.A product cost is Oa. shown with current liabilities on the balance sheet Ob. shown with operating expenses on the income statement c. expensed in the period in which it is manufactured Od. expensed in the period the product is soldA product cost is Oa. shown with operating expenses on the income statement Ob. shown with current liabilities on the balance sheet Oc. expensed in the period in which the product is manufactured Od. expensed in the period the product is sold
- Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank Question Content Area b.…A product cost is: A.Shown on the income statement with operating expenses B. Expensed in the period the product is sold C. Expensed in the period in which it incurred D. Shown with current liabilities on the balance sheetMark for Review Question 26 of 30 The ratio quantifies the degree of available liquid assets is Liquidity coverage ration Temporay assets to total assets O Temporary assets to volatile liabilities Veiatie liabilities to total assets
- Effect of transactions on current position analysis Data pertaining to the current position of Newlan Company are as follows: Instructions Compute (a) the working capital, (h) the current ratio, and (c) the quick ratio.12. A manufacturing company reports cost of goods manufactured as a(n) a. current asset on the balance sheet. b. component in the calculation of cost of goods sold on the income statement. C. component of the raw materials inventory on the balance sheet. d. administrative expense on the income statement.Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 270 $8 $2,160 $10 2,160 V 25 190 May 4 270 8 190 1,900 V 10 4,060 x 460 X 4,060 X 102 310 May 10 10 31 130 12 May 21 460 x 10 1,560 X 130 12 1,560 V 115 180 1,380 X May 27 180 X 12 1,560 x
- Q4. Which one of the following cost of a computer manufacturer will not be included in the manufacturing overheads? Answer: A. Salary of marketing manager B. Salary of plant supervisor C. Property taxes on plant buildingCost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Received Report Number Received Quantity Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 260 $9 $2,340 25 180 $11 May 4 260 9 2,340 180 11 1,980 103 290 May 10 11 31 120 13 May 21 116 170 May 27 b. Determine the materials inventory balance at the end of May.What amount should be reported for the year ended December 31 as:A. SalesB. Cost of SalesC. Gross profit