Question

ISBN:9781305254657&id=39052295&nbid=1415268 snapshot 1415268 Materials P2-6 Inventory Costing Methods 103 The following transactions affecting materials occurred in February Feb. 1 5 11 14 Balance on hand, 1,200 ft @ $2.76, $3,312.00 (plastic tubing, materials ledger account #906). Issued 60 ft to production on Materials Requisition No. 108. Issued 200 ft on Materials Requisition No. 210. Received 800 it from a supplier, Receiving Report No. 634, price $2.80 per ft. Issued 400 ft, Materials Requisition No. 274. Returned to a supplier for credit, 90 ft purchased on February 14, which were found to be defective. Received 1,000 ft. Receiving Report No. 712, price $2.83 per ft. Issued 640 ft, Materials Requisition No. 318. 15 16 18 21 Required: Record the transactions in materials ledger accounts similar to Egure 2:10. (The "On Order" columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places 1. FIFO 2. LIFO 3. Weighted average CEMA

Answer 1

under fifo method feb21 total valu will be$4538

Page No. - Materials Date Receipts Price - valve ($ (& ledger CAFO) Issue / Returns Qty price valve ft ($ (6 - Delen Page No. Balance Qty. Price value ft & Co 1200 2.76 | 3312- C F Feblo Febs 60 2.76 165.6 200 2.76 552. feb li I feb 14 800 2.80 2200 Feb 15 - 4oo 2.76 1104. Feblo 90 2.80 252 1140 2.76 31166.4 940 2.76 2594.4 qu0 2.76 259 4.4 1800 2.80 2240.0 1500 2-76 1490.4 800 2.80 22uo.o 540 2.76 1490.4 710 2.80 1988 540 2.76 1490-4 710 2.80 1988 LUDO 2-83 2830. 616 2. 80 0 2.83 2830 Feb. 18 1000 2.83 2830 Feb 2 . suo 276 1490.4 11ool 2.80 280. 0 2000

under LIFO, feb 21 total inventory value will be $3462.4

Page No. Date Date Materials ledser CLIFO) Receipts Issues Returns Price value aty Price ralve Amount & ft Oty Balance Price value Febl 11 Ffb5 - 240 60 2.76 200 2.76 2.76 165.6. 552. V Feb 4 800 2. 80 1200 276 33120 3146-4. 1940 2.76 2594.4 800 2.80 2240.0 940 2.76 2594.4. 400 2.80 1120 940 2.76 2594.4 1310 2.80 1940 2.76 2594.4 Feb 15 400 2. 80 1120 Feb 16 190 2.80 252 Feb 18. 1000 2.83 L 2830 11000 2.83 28 30. |310 2.80 868. 940 2.76 2594.4 3 283 1018.8 310 2.80 868. 940 2.76 2594.4 Feb 2). - 660 2.83 18 112

under WEIGHTED AVERAGE METHOD feb21, total inventory value will be$451.152

pare Page No. Materials ledger (weighted average, Method) Receipts Issues / Returns Balance price valve Qty Price valve dry price value 3 1200 2.76 3312. aty ft FELS - 60 2.76 165.6 160 2.76 3146-4. Feb - 200 2.76 552.0 940 2076 2594-4 - Febih 800 00 9.80 - 2240 - 1740 2.7784 483404 feblu 400 2.7784 1111.36 1340 2.7784 37230st! Febis. - 90 2.7784 250.056 1250 2-7784 3472.984 sebis 1000 2.83 2830 2250 2-80136302-984 Fezal 640 2.80131799.832 1610 2.9013.450.152 Note: Feblo Returns price plnit is taken at weighted Average