The following data on materials purchases and issues during the month of April were reported: April 1 Beginning balance 400 units @ P22 April 5 Received 100 units @ P21 April 11 Received 100 units @ P23 April 13 Issued 400 units April 15 Received 200 units @ P21 April 22 Issued 250 units April 27 Returned from factory issued in April 13 50 units April 30 Received 300 units @ P24 Compute the cost of materials issued to production for the month of April and materials inventory at April 30 under (A) FIFO method and (B) Average method. Roundoff decimals to the nearest hundredths
The following data on materials purchases and issues during the month of April were reported: April 1 Beginning balance 400 units @ P22 April 5 Received 100 units @ P21 April 11 Received 100 units @ P23 April 13 Issued 400 units April 15 Received 200 units @ P21 April 22 Issued 250 units April 27 Returned from factory issued in April 13 50 units April 30 Received 300 units @ P24 Compute the cost of materials issued to production for the month of April and materials inventory at April 30 under (A) FIFO method and (B) Average method. Roundoff decimals to the nearest hundredths
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 27E
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The following data on materials purchases and issues during the month of April were reported:
April 1 Beginning balance 400 units @ P22
April 5 Received 100 units @ P21
April 11 Received 100 units @ P23
April 13 Issued 400 units
April 15 Received 200 units @ P21
April 22 Issued 250 units
April 27 Returned from factory issued in April 13 50 units
April 30 Received 300 units @ P24
Compute the cost of materials issued to production for the month of April and materials inventory at April 30 under (A) FIFO
method and (B) Average method.
Roundoff decimals to the nearest hundredths
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