(c) The manager of Strathmore catering services Itd has been concerned by the lack of accurate store records in relation to Soko Baking flour. The manager is worried by the increasing Soko baking flour cost that has been incurred over the last few months. The following information has been extracted from the goods received note, invoices and other source documents. Soko Baking Flour June 3 Bought 100 Kgs @ 120 per Kg June 5 Bought 100 Kgs @ 140 per Kg June 6 Issued 150 Kgs June 8 Bought 250 Kgs @ 130 per Kg June 14 Issued 100 Kgs June 22 Bought 200 Kgs @ 150 per Kg June 28 Issued 200 Kgs
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Required:
i) Prepare the stock ledger account for Soko Baking flour using the Weighted Average price
method Month of June 2020
ii) From the above stock ledger account calculate the valuation of the closing stock of soko
baking flour as at end of the Month of June 2020
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- Apples & Oranges Inc. is trying to become more efficient in shipping goods. It is experimenting with two new shipping procedure initiatives aimed at achieving this strategic objective. The company has provided the following data regarding the two procedures after one month of implementation: Line Item Description Shipping Procedure A Shipping Procedure B Number of shipping errors 144 120 Hours from ordered to shipped 17.3 20.2 Shipping time (hours from shipped to delivered) 6.7 9.5 Pounds of goods shipped 1,520,000 720,000 Number of shipments 400 300 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet a. Compute the following performance metrics for each…I'm having trouble with the following problem from Cengage. I’m getting error messages in the journalizing for Summit Company. Included are the instructions and screenshots of my results. Please help. The following selected transactions were completed during August between Summit Companyy and Beartooth Co. Aug 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, term FOB Destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. Paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675 which was added to the…High Tech Electronics manufactures and sells a line of radio. Unfortunately, High Tech Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. High Tech Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. a. Find the Cost of Goods Sold in October. Determine the Cost of Goods Sold in October by completing the following table. Cost of goods sold Data table C... Print (Click the icon to view the amounts.) Revenues in October. Work in process inventory, October 31 ... $ Raw materials inventory, October 31..... $ Direct labor in October $ Manufacturing overhead in October ..... $ Work in process inventory, October 1.... $ Finished goods inventory, October 1 .... $ Direct materials used in October $ Gross profit in October. $ 12.100 Purchases of direct materials in October $ 9,300…
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- ipunys supervisors and managers dur- pany received an order on December 29 that was boxed and was sitting o the ioading dock awaiting pick-up on December 31. The shipper picked up the on January 1 and delivered them on January 6. The shipping terms were FOB ship- g Foint. The goods had a selling price of $40.000 and a cost of $29,000. The goods *ere not included in the count because they were sitting on the doCk. uded in the count was $50,000 of goods that were parts for a machine that the ny no longer made. Given the high-tech nature of Ryder's products, it wa ikely that these obsolete parts had any other use. However, management would Breier to keep them on the books at cost, "since that is what we paid for them, after all." RN tions *repare a schedule to determine the correct inventory amount. Provide explanations to each item above, stating why you did or did not make an adjustment for eacn nem. -3 Gato Inc. had the following inventory situations to consider at January 31, its…UNES bookshop, Mombasa Campus started selling a book which students are required to buy during the 2014/2015 academic year. By then, the current manager of the bookshop had not come. While perusing through the books of accounts, he stumbles upon the following information that were prepared by the previous manager Academic year profit sales Variable cost 2014/2015 30,000 160,000 80,000 2015/2016 70,000 240,000 120,000 Assume that the unit price, unit variable cost and fixed cost are the same for the two academic years. Required . Determine fixed costs Compute the book’s breakeven sales revenue. What profit will the bookshop make if sales for the book are worth sh. 1,200,000? Assuming bookshop wants to make a profit of sh. 400,000, what sales will it need to make? V. Determine the profit that the bookshop will make if it incurs variable costs totaling sh. 470,000[The following information applies to the questions displayed below.] Hult Games buys electronic components for manufacturing from two suppliers, Milan Components and Dundee Parts. If the components are delivered late, the shipment to the customer is delayed. Delayed shipments lead to contractual penalties that call for Hult to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following. Milan Dundee Total Total purchases (cartons) 91,000 39,000 130,000 Average purchase price (per carton) $ 22.00 $ 24 $ 22.60 Number of deliveries 60 40 100 Percentage of late deliveries 25 % 10 % 19 % The Accounting Department recorded $533,000 as the cost of late deliveries to customers. Required: Assume that the average quality, measured by the percentage of late deliveries, and prices from the two companies will continue as in the…
- Required Information [The following information applies to the questions displayed below.] Hult Games buys electronic components for manufacturing from two suppliers, Milan Components and Dundee Parts. If the components are delivered late, the shipment to the customer is delayed. Delayed shipments lead to contractual penalties that call for Hult to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following. Total Dundee 42,000 22 20 140,000 $ 20.60 Total purchases (cartons) Average purchase price (per carton) Number of deliveries. Percentage of late deliveries Milan Dundee Milan 98,000 $ 20.00 $ 80 25% Effective Cost Per Carton 10% 100 The Accounting Department recorded $602,700 as the cost of late deliveries to customers. 22% Required: Assume that the average quality, measured by the percentage of late deliveries, and prices from the two companies will continue as in the past. What is…Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting record for October were partially destroyed- and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Work in process inventory, October 31. $1,500 Accounts payable, October 1……… $3,000 Finished goods inventory, October 1….. 4,300 Direct materials used in October…….. 8,000 Direct labor in October……. 3,000 Accounts payable, October 31…… 5,200 Purchase of direct materials in October 9,000 Accounts receivable, October 31…… 6,500 Work in process inventory, October 1----- 0 Direct materials inventory, Oct. 31…. 3,000 Revenues in October………… 27,000 Manufacturing Overhead in October… 6,300 Accounts receivable, October 1….. 2,000 Gross profit in October……………Hult Games buys electronic components for manufacturing from two suppliers, Milan Components and Dundee Parts. If the components are delivered late, the shipment to the customer is delayed. Delayed shipments lead to contractual penalties that call for Hult to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following. Milan Dundee Total Total purchases (cartons) 98,000 42,000 140,000 Average purchase price (per carton) $ 20.00 $ 22 $ 20.60 Number of deliveries 80 20 100 Percentage of late deliveries 25 % 10 % 22 % The Accounting Department recorded $602,700 as the cost of late deliveries to customers. Required: Assume that the average quality, measured by the percentage of late deliveries, and prices from the two companies will continue as in the past. What is the effective price for components from the two companies…