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i need help plz with accounting for these 5 questions Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory
i need help plz with accounting for these 5 questions
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. Feedback a. Calculate the amount of each materials issue, using FIFO, In the Balance section, separate each ditferent unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback romuren b. Casculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantify c. Journalize the summary entry to transfer materials to work in process, If an amount box does not require an entry, leave it blank. Feedback c. Increase work in process and decrease materials for the total of issuances found in Req, a. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time. Job Order Cost Accounting for a Sevice Company The fy Company provides advertising servioes for clients derses the sation. The Fr Company is presently wirking on four projects, each for a differest clent. The fity and allocaned indirect couts. The direct coits include the charged tese of prolessionat personnel and medis purchases (air cane and ad sace). Overtseae is allocated to each media purchases. During August, The fly Company imarred the folineing firect labor and mesa purchase costs reiated to preparang advertising for wach of the fov acrovits: At the end of Aupust, boch the Waut Iank and Take cef Arines campoigns were completed. The cists of complefed campaips are debied to the cont ef services vocownt. a. Jaurnalize the summary entery to record the divact labor costs for me monch. If an b. Journalize the summory entry to necord the nedla punchases for the month, It an amsune boi does not require an entro, iebve it bars. c. Journalize the summary entry to recoed the sverhead applied for the month. If an amount box does not reguire an entry, Ieave it blank. c. Fendoak c. Increase the work in process for the direct costs and the applied overhead. Applied overhead should be based on media purchases. Transfer the cost of completed jobs out of work-in-process and into the cont of services account. d. Journalize the summary entry to record the completion of Vault Bank and Take Off Airlines for the month, if an amount box does not reeuire an entry, leave it blank. a. id Entries for Factory Costs and Jobs Completed Colleglate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them wore recorded on the reiated cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,370 of indirect materials and $16,$70 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in I summary form: Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it biank. Feedeack a. Record direct materials costs in the Work in Process account, and indirect materials costs in the Foctory Overhead account. b. Direct and indirect labor vsed. If an amount box does not require an entry, leave it blank. c. Factory overhead apoled to all four yos (a sngle ovechesd rate is used based on direct labor cost), If an amoune bor boes noe reoulre an entry, leave it black. Feoseace c. Apply factory overtead based on direct labor costs. c. Completion of 7065301 and 302 . If an amount ber does not require an entry, lebve it blank. Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: - Purchased \$539,900 of materials. - Used $464,300 of direct materials in production. - Incurred $400,000 of direct labor wages. - Applied factory overhead at a rate of Bo\% of direct laber cost. - Transferred $1,136,900 of work in process to finished goods. - Sold goods with a cost of $1,074,400. - Revenues earned by selling bikes, $1,923,200. - Incurred $462,000 of selling expenses. - Incurred $171,900 of administrative expenses. a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc. uses the perpetual inventory method. Feedback T Chea my Work a. Both product and period costs must be reported on the income statement and are necessary to measure income. b. Determine the inventory balances on February 28, the end of the first month of operations. Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Jobs finished during January are summarized as follows: a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Feedback rcheck My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31 Step by Step Solution
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