Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 7.00

Franklin Inc.

1. The raw materials account of Franklin Inc. reflected the following changes during April:

 

Opening balance

  

500 units @ $10

Received

  

200 units @ $12

Issued

400 units

  

Issued

100 units

  

Received

  

300 units @ $15

 

Other costs during the month included the following:

 

Direct labor

$8,000

Factory overhead

6,000

 

One thousand units of product were completed, of which 800 were sold and 200 remained on hand. There was no beginning inventory in finished goods. The company uses a perpetual inventory system.

 

a.

Using FIFO, what are the end-of-month balances for each of the following accounts?
 

(1)

Raw Materials Inventory
 

(2)

Finished Goods Inventory
 

(3)

Cost of Goods Sold
     

b.

Using LIFO, what are the end-of-month balances for each of the following accounts?
 

(1)

Raw Materials Inventory
 

(2)

Finished Goods Inventory
 

(3)

Cost of Goods Sold

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 7.00

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