Answered: a. Determine the cost of each of the…

a. Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method. Aug 11 issue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

During August, the receipts and distributions of Material No. B4G9 are as follows:
Received
Aug. 3
1,100 units at $15
16
1,700 units at $17
29
900 units at $18
Issued
Aug. 11
700 units for Job No. 116
18
1,900 units for Job No. 117
30
800 units for Job No. 118
a. Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method.
Aug.
11 issue:
18 issue:
31 issue:
b. Journalize a summary entry for the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method. If an amount box does not require an entry,
leave it blank.

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Subject: accounting