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Problem 2. FAB Manufacturing Company had the following purchases and usage of materials X for the month of August: Unit Cost P2.00 Units Inventory, 8/1 5,000 Purchases: 8/7 12 6,000 8,000 9,000 10,000 10,000 2.50 2.30 2.25 2.40 2.35 15 22 29 Issuance: 8/7 14 9,000 9,000 9,000 9,000 21 28 Required: Compute for raw materials usage and inventory using FIFO periodic.

Problem 2. FAB Manufacturing Company had the following purchases and usage of materials X for the month of August: Unit Cost P2.00 Units Inventory, 8/1 5,000 Purchases: 8/7 12 6,000 8,000 9,000 10,000 10,000 2.50 2.30 2.25 2.40 2.35 15 22 29 Issuance: 8/7 14 9,000 9,000 9,000 9,000 21 28 Required: Compute for raw materials usage and inventory using FIFO periodic.

FINANCIAL ACCOUNTING
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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Problem 2. FAB Manufacturing Company had the following purchases and usage of materials X for the month of August: Units Unit Cost Inventory, 8/1 5,000 P2.00 Purchases: 8/7 2.50 2.30 6,000 8,000 9,000 10,000 10,000 12 2.25 15 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28 Required: Compute for raw materials usage and inventory using FIFO periodic.
Transcribed Image Text:Problem 2. FAB Manufacturing Company had the following purchases and usage of materials X for the month of August: Units Unit Cost Inventory, 8/1 5,000 P2.00 Purchases: 8/7 2.50 2.30 6,000 8,000 9,000 10,000 10,000 12 2.25 15 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28 Required: Compute for raw materials usage and inventory using FIFO periodic.
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