Reference:
FIFO costing
Using first-in, first-out; perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory:
July 1 Balance on hand, 1,000 yd of linen @ $4.00 each.
3 Issued 250 yd.
5 Received 500 yd @ $4.50 each.
6 Issued 150 yd.
10 Issued 110 yd.
11 Factory returned 10 yd, which were issued on the 10th, to the storeroom.
15 Received 500 yd @ $5.00 each.
20 Returned 300 yd to the vendor from the July 15 purchase.
26 Issued 600 yd.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.