Prepare the current assets section of the balance sheet at December 31 for Bin Manufacturing using the following information. Hint. Not all information given is needed for the solution. Cash Accounts payable Raw materials inventory General and administrative expenses Accounts receivable, net Selling expenses Finished goods inventory Work in process inventory Prepaid insurance Cost of goods sold BIN MANUFACTURING Current Assets Section of the Balance Sheet December 31 Total current assets $ 22,100 2,100 8,100 42,100 12,100 12,100 22,100 18,100 4,100 33, 100

Prepare the current assets section of the balance sheet at December 31 for Bin Manufacturing using the following information. Hint. Not all information given is needed for the solution. Cash Accounts payable Raw materials inventory General and administrative expenses Accounts receivable, net Selling expenses Finished goods inventory Work in process inventory Prepaid insurance Cost of goods sold BIN MANUFACTURING Current Assets Section of the Balance Sheet December 31 Total current assets $ 22,100 2,100 8,100 42,100 12,100 12,100 22,100 18,100 4,100 33, 100

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1OYO

See similar textbooks

Similar questions

Manufacturing Company Balance Sheet Partial balance sheet data for Upper Crust Company at August 31 are as follows: Finished goods inventory Prepaid insurance Accounts receivable. Work in process inventory Supplies Materials inventory Cashi Prepare the Current Assets section of Upper Crust Company's balance sheet at August 31. Upper Crust Company Balance Sheet August 31 Current assets: Inventories: Total inventories $7,300 7,400 19,000 29,200 13,100 16,100 20,400 Total current assets
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places): (a) Accounts receivable turnover (b) Merchandise inventory turnover (c) Asset turnover
Activity 6: Vertical Analysis and Interpretation of SFP and SCI Directions: From these randomly ordered accounts of Dale Merchandising prepare a Statement of Financial Position and Statement of Comprehensive Income. Make a Vertical Analysis and interpret the results. The balances shown are as of and for the year ending 12/31/2019. Sales Returns and Allowances Accumulated Depreciation Merchandise Inventory, December 31, 2019 Sales 50,000.00 80,000.00 1,050,000.00 100,000.00 400,000.00 190,000.00 100,000.00 2,000.00 50,000.00 220,000.00 50,000.00 29,000.00 10,000.00 200,000.00 30,000.00 220,000.00 200,000.00 100,000.00 200,000.00 8,000.00 200,000.00 Merchandise Inventory, January 1, 2019 Purchases Selling Expenses Accounts Payable Purchase Returns and Allowances Cash Office Equipment Withdrawals A Proces Sales Discounts Transportation-In General and Administrative Expense Office Supplies Accounts Receivable Notes Payable Prepaid Rent Josh, Capital, Jan. 1, 2019 Purchase Discounts Net…
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 Receiving Report Quantity Number 23 29 Feedback 220 150 Unit Price $10 12 Materials Requisition Quantity Number 103 116 360 210 Amount b. Determine the materials inventory balance at the end of May. 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 220 Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 Amount $2,560 2,560✔ 2,200✔
The journal entry to record the purchase of $24,110 of raw materials is a. Materials$24,110 Accounts Receivable$24,110 b. Materials$24,110 Accounts Payable$24,110 c. Inventory$24,110 Accounts Receivable$24,110 d. Inventory$24,110 Cash$24,110
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 Receiving Report Number 21 27 Quantity 240 d. Comparing 160 Unit Price $8 10 Materials Requisition Number 107 120 Issued Quantity b. Determine the materials inventory balance at the end of May. 380 230 Amount Date May 1 May 4 May 10. May 21 May 27 Quantity 340 Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Unit price $6 Amount $2,040 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)( causes idle time.
Sales Revenue Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Selling Expenses Administrative Expenses What is the gross profit? O A. $14,300 OB. $32,800 OC. $23,800 OD. $20,200 $53,000 22,000 1,800 3,600 15,000 3,500
2. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 293 $30.40 $8,907 40 135 $31.20 May 4 91 362 May 10 44 107 38.10 May 21 97 103 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the…
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 Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time
now how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Work in process Finished goods Inventories Total inventories N 8 hulu
Current assets at 30 June 20-7 Martha's capital at 1 July 20-7 Gross profit for the year ending 30 June 20-8 Current assets at 30 June 20-8 TIP Parts a-e of this question require the skill of knowledge and understanding. You need to know the principles of inventory valuation and understand how this is applied to a given scenario. Part frequires the skill of analysis. You need to analyse the effect of the error. 13 Yee's payments for the year ended 31 December 20-8 included the following: Wages 2$ Insurance (for 12 months to 30 June 20-9) 2400 At 1 January 20-8, wages due amounted to $1300 and insurance prepaid amounted to $1140. At 31 December 20-8, wages due amounted to $1550. Write up the wages account and the insurance account as they would appear in Yee's ledger for the year ended 31 December 20-8. Balance the accounts and show the amounts transferred to the income statement. 14 Zeema's financial year ends on 30 September. She sublets part of her premises to Faith at an annual rent…