An incomplete subsidiary ledger of materials inventory for May is as follows:
RECEIVED ISSUED BALANCE
Receiving Materials
Report Unit Requisition Unit
Number Quantity Price Number Quantity Amount Date Quantity Price Amount
May 1 285 $30.00 $8,550
40 130 $32.00 May 4
91 365 May 10
44 110 38.00 May 21
97 100 May 27
Required:
A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
B. Determine the materials inventory balance at the end of May.
C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles.
D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
Chart of Accounts
CHART OF ACCOUNTS
General Ledger
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
132 Work in Process
133 Factory Overhead
134 Finished Goods
141 Supplies
142 Prepaid Insurance
143 Prepaid Expenses
181 Land
191 Factory
192 Accumulated Depreciation-Factory
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
241 Lease Payable
251 Wages Payable
252 Consultant Fees Payable
EQUITY
311 Common Stock
340 Retained Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Office Supplies Expense
540 Administrative Expenses
560 Depreciation Expense-Factory
590 Miscellaneous Expense
710 Interest Expense
Materials Inventory
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A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
RECEIVED
ISSUED
BALANCE
Receiving Materials
Report Unit Requisition
Number Quantity Price Number Quantity Amount Date Quantity Unit Price Amount
May 1 285 $30.00 $8,550
40 130 $32 May 4
91 365 May 10
44 110 38 May 21
97 100 May 27
Points:
12 / 20
B. Determine the materials inventory balance at the end of May.
Points:
0 / 1
Feedback
Check My Work
A and B. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
Journal
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C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles.
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PAGE 10
JOURNAL
C. Increase work in process and decrease materials for the total of issuances found in Req. A.
Final Question
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D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
Comparingquantities on hand as reported in the materials ledger with predetermined order points enables management to order materials beforea lack of materials causes idle time.

Answer:

An incomplete subsidiary ledger of materials inventory for May is as follows:

A. Materials Issuances and balances for the materials subsidiary ledger under FIFO:

RECEIVED                                ISSUED                            BALANCE

Receiving            Materials      

Report             Unit   Requisition     Unit  

Number Qty Price  Number   Qty  Amount  Date    Qty    Price     Amount

                                                                         May 1   285  $30.00   $8,550

40         130 $32.00              May 4   415                 $12,710

                                      91       365                 May 10 50 $32.00     $1,600

44         110   38.00              May 21 160                 $5,780

                                     97       100                  May 27  60 $38.00    $2,280

B. The materials inventory balance at the end of May is 60 units at $2,280.

C. Debit Work in Process $14,610

Credit Materials $14,610

To record the transfer of materials to work in process.

D. The materials ledger shows the quantities and costs of materials remaining at any point in time.  It also indicates the dates for all related transactions.  With the quantities of materials received in and issued out and the balances indicated clearly, it is possible to ensure that a required level of inventory remains in stock and to place orders at the right time.

Explanation:

a) Raw materials Inventory Issuance:

Quantity issued = 365

Cost of units issued on May 10 =    $11,110 ($12,710 - 1,600)

Cost of units issued on May 27 = $3,500 ($5,780 - 2,280)

Total cost of units issued out   =  $14,610

Copy Center pays an average wage of $13 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Direct materials are assigned to each job according to actual cost. Jobs are marked up 15% above total manufacturing cost to determine the selling price. If Job M-47 used $355 of direct materials and took 20 direct hours of labor to complete, what is the selling price of the job

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b. Between 40 and 45 months of service
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SUBMIT

ACCOUNTING:
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.



BUSINESS SOLUTIONS

Income Statement

For Three Months Ended March 31, 2020

Computer services revenue $ 25,207

Net sales 18,693

Total revenue 43,900

Cost of goods sold $ 14,152

Depreciation expense—Office equipment 330

Depreciation expense—Computer equipment 1,220

Wages expense 3,050

Insurance expense 485

Rent expense 1,475

Computer supplies expense 1,285

Advertising expense 550

Mileage expense 270

Repairs expense—Computer 900

Total expenses 23,717

Net income $ 20,183



BUSINESS SOLUTIONS

Comparative Balance Sheets

December 31, 2019, and March 31, 2020

Mar. 31, 2020 Dec. 31, 2019

Assets

Cash $80,327 $61,482

Accounts receivable 23,767 4,868

Inventory 634 0

Computer supplies 2,035 510

Prepaid insurance 1,080 1,575

Prepaid rent 805 805

Total current assets 108,648 69,240

Office equipment 7,500 7,500

Accumulated depreciation—Office equipment (660) (330)

Computer equipment 19,400 19,400

Accumulated depreciation—Computer equipment (2,440) (1,220)

Total assets $132,448 $94,590

Liabilities and Equity

Accounts payable $0 $1,190

Wages payable 905 540

Unearned computer service revenue 0 2,500

Total current liabilities 905 4,230

Equity

Common stock 107,000 82,000

Retained earnings 24,543 8,360

Total liabilities and equity $132,448 $94,590


Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,000 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)

Options for the 1st blank space: Net Income, Net Loss

Options for the rest of the blank spaces: Cash paid for dividends, cash received from stock issuance, decrease in accounts payable, increase/decrease in accounts receivable, increase/decrease in computer supplies, increase/decrease in inventory, increase/decrease in prepaid insurance, increase/decrease in unearned computer service revenue, increase/decrease in wages payable, depreciation expense--computer equipment, depreciation expense--office equipment.

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Prepare journal entries for each type of manufacturing cost.

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Karaoke Machines CDs
Quanriry Price Quantity Price
2015 10 $40 30 $10
2016 12 $60 50 $12

Required:
a. Using a method similar to GDP deflator, compute the percentage change in the overall price level. Use 2015 as the base year.
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Select one:
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