Opening inventory consists of 1 000 units valued at R3 125 and comprises of the following purchases:28 February 2024250 units @ R2,90 per unit29 February 2024750 units @ R3,20 per unitPurchases for March 2024:DateQuantityUnit cost05 March800 unitsR3,30 per unit11 March650 unitsR3,35 per unit16 March700 unitsR3,40 per unitInventory issued to production during March:DateQuantity03 March500 units08 March900 units12 March750 unitsRequired:Assuming all purchase transactions were on cash, complete the journal entries for the above-mentioned transactions by selecting the appropriate accounts and related data, applying the FIFO method.Date DebitCredit  RR03 MarchBlank 1Blank 2  Blank 3 Blank 4 Units issued to production   Date DebitCredit  RR05 MarchBlank 5Blank 6  Blank 7 Blank 8 Inventory purchased   Date DebitCredit  RR08 MarchBlank 9Blank 10  Blank 11 Blank 12 Units issued to production   Date DebitCredit  RR11 MarchBlank 13Blank 14  Blank 15 Blank 16 Inventory purchased   Date DebitCredit  RR12 MarchBlank 17Blank 18  Blank 19 Blank 20 Units issued to production   Date DebitCredit  RR16 MarchBlank 21Blank 22  Blank 23 Blank 24 Inventory purchased

An entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200

A company's sales budget indicates the following sales: January: 25,000; February: 30,000; March: 35,000. Beginning inventory is 12,000 units and the company desires ending inventory of 45% of the next month's sales. Units to be produced in January will be .

Fill in the Blank QuestionFill in the blank question.A company expects to sell 500 units during the second quarter and 550 units in the third quarter. Currently, during the second quarter, they have 46 units in beginning inventory. If they desire ending inventory of 10% of the next quarter's sales, units will need to be produced in the second quarter.

Transactions Units Unit Costa. Inventory, Beginning 1,500 $ 31For the year:    b. Purchase, March 5 7,500 32c. Purchase, September 19 3,500 34d. Sale, April 15 (sold for $76 per unit) 2,200  e. Sale, October 31 (sold for $79 per unit) 6,500  f. Operating expenses (excluding income tax expense), $398,000      Required:1. Calculate the number and cost of goods available for sale.2. Calculate the number of units in ending inventory.3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.6. Which inventory costing method minimizes income taxes?

A manufacturing company expects to sell 12,000 units in August and 15,000 units in September. The company desires to have an ending finished goods inventory of 80% of the next month's sales. If beginning finished goods inventory on August 1 is 8,000 units, then the company should produce units in August.