Reference no: EM132997715
Question - Orion Company provided the following transactions relating to its raw materials inventory during the month of September:
Quantity Unit Cost Total
Sept. 1 Beginning balance 300 P12 P3,600
3 Purchase from supplier 200 13 2,600
9 Issued to production 150
16 Purchase from supplier 300 14 4,200
18 Issued to production 350
21 Purchase from supplier 300 15 4,500
23 Issued to production 400
26 Issued to production 50
28 Purchase from supplier 200 16 3,200
Required - Determine the value of ending inventory and materials used under the following methods:
a. FIFO - periodic
b. FIFO - perpetual