Reference no: EM132994948

Question - The following are the transactions for Nilo Lock-O Industries:

6/1 Raw materials on hand was 1,000 units valued at P2,000.

6/3 Purchased 5,000 units on account amounting to P11,000.

6/4 Issued 800 units to production.

6/5 Returned 500 units to supplier.

6/6 Issued 2,200 units to production.

6/8 Purchased 8,000 units at P2.10 per unit.

6/10 Issued 2,000 units to production.

6/11 Paid supplier and was awarded a 2% cash discount.

6/15 Issued 3,500 units to production.

6/20 Purchased 3,500 units at P2.05 per unit.

Using FIFO method, how much is cost of materials issued?