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3 years ago

Which of the following types of inventory describes inventory that has been purchased but not processed?

Business

1 answer:

PtichkaEL [24]3 years ago

3 0

Answer:

A. raw material inventory

Explanation:

Inventory materials are basically of 3 types namely; Raw materials, semi-finished goods and finished goods.

Raw materials are inventory materials yet to be processed. It is usually referred to as material cost.

Inventory items that have been processed but yet to be finished are called semi finished goods. Such items are also called work-in-process inventory.

Finished goods are inventory items ready to be sold.

Based on the above statements, the right option is A. raw material inventory.

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1 year ago

The following information applies to the questions displayed below] A local Chevrolet dealership carries the following types of

myrzilka [38]

Answer:

Chevrolet Dealership

A) The total cost of the entire inventory is:

= $575,000

B) Each inventory would be reported at the LCNRV:

Inventory Items Quantity Reporting Cost/Value

Vans 4 NRV

Trucks 7 NRV

2-door sedans 3 Cost

4-door sedans 5 Cost

Sports cars 1 Cost

SUVs 6 NRV

C) Journal Entry:

Debit Cost of goods sold $27,000

Credit Inventory $27,000

To write-down costs to net realizable values.

D) TRUE.

Explanation:

a) Data and Calculations:

Inventory Items Quantity Cost per unit NRV per Unit LCNRV

Vans 4 27000 $108,000 25000 $100,000

Trucks 7 18000 126,000 17000 119,000

2-door sedans 3 13000 39,000 15000 39,000

4-door sedans 5 17000 85,000 20000 85,000

Sports cars 1 37000 37,000 40000 37,000

SUVs 6 30000 180,000 28000 168,000

Total Cost $575,000 $548,000

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3 years ago

Hache Corporation uses the weighted-average method in its process costing system. Data concerning the first processing departmen

Greeley [361]

Answer:

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: d) $21,797

Explanation:

Calculation of Equivalent Units of Production

<u>Materials </u>

Units transferred to the next department (5,800 × 100%) = 5,800

Units in ending Work In process (1,850 × 50%) = 925

Total Equivalent Units of Production for Materials = 6,725

<u>Conversion</u>

Units transferred to the next department (5,800 × 100%) = 5,800

Units in ending Work In process (1,850 × 20%) = 370

Total Equivalent Units of Production for Conversion Costs = 6,170

Calculation of Cost per Equivalent units of Production

Materials

Cost per equivalent unit = Total Material Cost ÷ Total Equivalent Units of Production for Materials

= ($ 8,700 + $ 91,000) ÷ 6,725

= $14.825

Cost per equivalent unit = Total Material Cost ÷ Total Equivalent Units of Production for Materials

= ($ 8,500 + $ 126,300) ÷ 6,170

= $21.848

Calculation of cost of ending work in process inventory

Materials ( 925 × $14.825) = $13,713.12

Conversion Cost ( 370 × $21.848) = $8,083.76

Total = $21,796.88

Thus,

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: d) $21,797.

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3 years ago

Which of the following types of inventory describes inventory that has been purchased but not​ processed?

Which of the following types of inventory describes inventory that has been purchased but not processed?