Perpetual inventory record of raw material, Accounting Basics

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Perpetual inventory record of raw material

How do I calculate the following?

The Kennedy Corporation uses Raw Material Z in a manufacturing process. Information as to balances on hand, purchases and requisitions of Raw Material Z is given below:

Jan. 1 Balance:
200 lbs. @ $1.50
8 Received 500 lbs. @ $1.55
18 Issued 100 lbs.
25 Issued 260 lbs.
30 Received 150 lbs. @ $1.60

If a perpetual inventory record of Raw Material Z is maintained on a FIFO basis, it will show a month end inventory of:

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Accounting Basics: Perpetual inventory record of raw material

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Accounting Basics: Perpetual inventory record of raw material

Reference No:- TGS040965

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Recent Questions Asked Accounting Basics

Q : Calculate the amount of gross profit earned by woodgrain

Q : Probable effects on sales and profits

Q : Company most recent annual report

Q : Find gdp using expenditure approach-factor payment approach

Q : Perpetual inventory record of raw material

Q : Should the government consider subsidizing purchases

Q : Difference in the annual inflation rates for united states

Q : Dfferences between the discount rate wacc-irr and npv

Q : What happens to demand and supply of foreign currency

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Perpetual inventory record of raw material

Reference No:- TGS040965

Recent Questions Asked Accounting Basics

Q : Calculate the amount of gross profit earned by woodgrain

Q : Probable effects on sales and profits

Q : Company most recent annual report

Q : Find gdp using expenditure approach-factor payment approach

Q : Perpetual inventory record of raw material

Q : Should the government consider subsidizing purchases

Q : Difference in the annual inflation rates for united states

Q : Dfferences between the discount rate wacc-irr and npv

Q : What happens to demand and supply of foreign currency

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