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3 years ago

[The following information applies to the questions displayed below.]

Business

1 answer:

makvit [3.9K]3 years ago

8 0

Answer:

A. Dr Raw meat Inventory 120,000

Cr Cash 120,000

B. Dr Indirect Materials $186,000

Cr Raw Materials $186,000

C. Dr Direct Materials $15,000

Cr Raw Materials $15,000

Explanation:

Preparation for the journal entries for the above transactions for the month of May.

Dr Raw meat Inventory 120,000

Cr Cash 120,000

(Being to record Raw materials purchases for cash)

B. Dr Indirect Materials $186,000

Cr Raw Materials $186,000

($201,000 - 15,000)

C. Dr Direct Materials $15,000

Cr Raw Materials $15,000

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Answer:

Instructios are listed below

Explanation:

Giving the following information:

Assume Pinkie started the year with 100 containers of ink (average cost of $ 9.10 each, FIFO cost of $ 8.60 each, LIFO cost of $ 8.00 each).

During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $21.75 each. Pinkie paid operating expenses throughout the year, a total of $ 5,000.

FIFO:

Sales= 600*21.75= 13,050

COGS= (100*8.60 + 500*10)= 5860

Gross profit= 7190

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LIFO:

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Operating expense= 5000

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Average-cost

Sales= 13,050

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3 years ago

The adjustment to record supplies used during the period would be:

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Answer:

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3 years ago

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Answer:

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3 years ago