1)A company makes production by using Y raw material

1)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 $/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 $/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 $/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 $/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)

1. 3,67
2. 77,89
3. 3,16
4. 87,77

2- Refer to Question 1 above. Apply the weighted average method now. What would be the ending raw material balance at the end of April?

1. 210.000 $
2. 225.000 $
3. 230.750 $
4. 215.400 $

3- Refer to Question 1 above. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO?

1. Debit 701.000 $ Direct Material Cost, Credit 701.000 $ Raw Material
2. Debit 215.400 $ Direct Material Cost, Credit 215.400 $ Raw Material
3. Debit 698.000 $ Direct Material Cost, Credit 698.000 $ Raw Material
4. Debit 707.600 $ Direct Material Cost, Credit 707.600 $ Raw Material

4- Refer to Question 1 above. 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 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? (Once again, use your logic!)