19.10.2017 Workings.xlsx - Wright Company Bank Reconciliation Bank statement balance Add Deposit of May 31 Bank error Deduct Outstanding checks Adjusted

19.10.2017 Workings.xlsx - Wright Company Bank...

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Wright Company Bank Reconciliation May 31 2017 Bank statement balance 28400 Book balance 30100 Add: Add: Deposit of May 31 7500 Bank error 530 8030 36430 Deduct: Deduct: Outstanding checks 6900 6900 Bank service charge 230 NSF check 340 570 Adjusted bank balance 29530 Adjusted book balance 29530
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375 500 125 1000
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Carla Vista Company FIFO Inventory Method LIFO Inventory Method Cost of ending inventory – FIFO method: Cost of ending inventory – LIFO method: Most recent cost Earliest cost 25.2.2017 54600 1.1.2017 80850 650 Units x $ 84 1050 units x 77 Next Most recent cost Next Most eariest cost 9.2.2017 32800 8.1.2017 11700 400 units x $ 82 150 units x 78 Ending Inventory 92550 Next Most recent cost 23.1.2017 11850 150 units x $ 79 Ending Inventory 99250 Cost of goods sold Cost of goods sold Beginning Inventory Beginning Inventory 1050 uits x $ 77 80850 1050 uits x $ 77 Cost of Units purchased Cost of Units purchased 500 units x $ 78 39000 500 units x $ 78 39000 1250 units x 79 98750 1250 units x 79 98750 400 units x 82 32800 400 units x 82 32800 650 units x 84 54600 225150 650 units x 84 54600 Total costs of units 306000 Total costs of units available for sale available for sale Less :cost of ending units 99250 Less :cost of ending units Cost of goods sold 206750 Cost of goods sold
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Weighted average Inventory Method Date No. of Units Cost per unit Total Cost 1.1.2017 1050 77 80850 8.1.2017 500 78 39000 23.1.2017 1250 79 98750 9.2.2017 400 82 32800 25.2.2017 650 84 54600 3850 306000 Weighted average unit cost = $306,000 / 3,850 units = $ 79.48 Cost of ending inventory = 1200 units x $ 79.48 = $ 95376.62 Cost of goods sold: 2,650 units × $79.48 = $210,622 80850 225150 306000 92550 213450
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79.48052 95376.62 2650 210622
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Express Distribution Markets FIFO Inventory Method LIFO Inventory Method Cost of ending inventory – FIFO method: Cost of ending inventory – LIFO method: Most recent cost Earliest cost Oct-25 96800 Oct-01 30800 8800 Units x $ 11 4400 units x 7 Next Most recent cost Next Most eariest cost Oct-19 2200 Oct-03 36960 220 units x $ 10 4620 units x 8 Ending Inventory 67760 Ending Inventory 99000 Cost of goods sold Beginning Inventory 4400 uits x $ 7 30800 Cost of goods sold Cost of Units purchased Beginning Inventory 5500 units x $ 8 44000 4400 uits x $ 7 7700 units x 9 69300 6600 units x 10 66000 Cost of Units purchased 8800 units x 11 96800 276100 5500 units x $ 8 44000 Total costs of units 306900 7700 units x 9 69300 available for sale 6600 units x 10 66000 8800 units x 11 96800 Less :cost of ending units 99000 Total costs of units Cost of goods sold 207900 available for sale Less :cost of ending units Cost of goods sold
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Weighted average Inventory Method Date No. of UnitCost per unTotal Cost Oct-01 4400 7 30800 Oct-03 5500 8 44000 Oct-09 7700 9 69300 Oct-19 6600 10 66000 Oct-25 8800 11 96800 33000 306900 9.3 Weighted average unit cost = $306,900 / 33,050 units 83886 = $ 9.3 223014 Cost of ending inventory = 9020 units x $ 9.3 = $ 83886 Cost of goods sold: 23,980 units × $9.3 = $223,014 30800 10000 276100 306900 67760 239140
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Scribners Corporation 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March Equivalent units of production: Pulping Conversion Transferred to next department 142200 142200 Equivalent units in ending work in process inventory: Pulping: 7,500 units × 100% complete 7500 Conversion: 7,500 units × 70% complete 5250 Equivalent units of production 149700 147450 2. Cost per equivalent unit: in $ Pulping Conversion Cost of beginning work in process 1080 594 Cost added during the period 61794 37743 Total cost (a) 62874 38337 Equivalent units of production (b) 149700 147450 Cost per equivalent unit (a) ÷ (b) 0.42 0.26 3&4 Cost of ending work in process inventory and units transferred out: Pulping Conversion Total Ending work in process inventory:
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