A company makes production by using Y raw material. The movements of this Y materialwithin the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg,unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price:26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount:15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Whatwould be the appropriate journal entry for the TOTAL cost of consumption at the end ofApril if the company employs LIFO?Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw MaterialDebit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw MaterialDebit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw MaterialDebit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material

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Description: A company makes production by using Y raw material. The movements of this Y materialwithin the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg,unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price

LIFO: Last In First Out On every date of consumption, the cost of goods would be calculated by rate…

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A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TLİKG, (g) April 30, Consumption, amount: 8.000 kg. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material

A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TLİKG, (g) April 30, Consumption, amount: 8.000 kg. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Suppose that on April 12, the company sends back 3.000 kg of Y raw material to the supplier due to low standards and on April 18, 2.000 kg of the Y raw materials was returned (iade) from the production department due to damage. Now what would be the cost of consumption at the end of the month if the company uses FIFO?
4- A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. What is raw materials turnover at the end of April if the company employs FIFO? (Note that raw material turnover is calculated as Cost of consumption / Average raw materials) 3,67 O 77,89 3,16 O 87,77
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