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Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July: a. Complete the materials
Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:
a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.
Received
Receiving
Report
Number
Received
Quantity
Received
Unit PriceIssued
Materials
Requisition
Number Issued
Quantity Issued
Amount Balance
Date Balance
Quantity Balance
Amount Balance
Unit Price July 1 260 $2,340 $9 27 180 $11 July 5 $ $ $ $ 106 290 $ July 10 $ $ 33 120 $13 July 20 $ $ $ $ 119 170 $ July 26 $ $
b. Determine the balance of wire cable at the end of July.
$
c. Determine the total amount of materials transferred to Work in Process for July.
$
d. All of the following statements about a materials ledger are true except:
Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:
a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.
Received Receiving Report Number | Received Quantity | Received Unit Price | Issued Materials Requisition Number | Issued Quantity | Issued Amount | Balance Date | Balance Quantity | Balance Amount | Balance Unit Price |
---|---|---|---|---|---|---|---|---|---|
July 1 | 260 | $2,340 | $9 | ||||||
27 | 180 | $11 | July 5 | $ | $ | ||||
$ | $ | ||||||||
106 | 290 | $ | July 10 | $ | $ | ||||
33 | 120 | $13 | July 20 | $ | $ | ||||
$ | $ | ||||||||
119 | 170 | $ | July 26 | $ | $ |
b. Determine the balance of wire cable at the end of July.
$
c. Determine the total amount of materials transferred to Work in Process for July.
$
d. All of the following statements about a materials ledger are true except:
Step by Step Solution
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Step: 1
To solve this problem we need to apply the firstin firstout FIFO inventory costing method to calculate the issuance and balance of the wire cable a Co...Get Instant Access with AI-Powered Solutions
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Step: 2
Step: 3
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